Trump’s Crypto Endorsement Fails to Stop the Bleeding: XRP, ETH & XLM Plunge in Market Shakeup
Market euphoria over Trump’s pro-crypto comments evaporated faster than a meme coin’s hype cycle. XRP, Ethereum, and Stellar (XLM) led the retreat—proof that even political cheerleading can’t override bearish technicals.
The pullback paradox: Coins with real utility dumped alongside the rest. Traders rotated profits into… wait, where’s the safe haven in crypto again?
Silver lining for degens: Double-digit dips just mean flash sale prices before the next narrative pumps. Wall Street analysts remain unfazed—after all, they’ve got bonuses to hit regardless of which way Bitcoin swings.
One thing’s clear: When ‘Orange Man Good’ rhetoric meets cold, hard charts, the charts always win. For now.
The crypto market took a dip today, with top altcoins like XRP, Ethereum (ETH), Stellar (XLM), and Hype seeing losses, despite strong regulatory signals from SEC Commissioner Paul Atkins.
Atkins appeared on CNBC confirming that the U.S. government has effectively given crypto and Bitcoin a “stamp of approval.” He praised recent progress, including the signing of the Genius Act, a law focused on stablecoin regulation, and expressed excitement about future innovation in digital assets. He said that stablecoins and digital currencies could help reduce market risks and settlement times.
JUST IN: SEC Chair says US Government has given bitcoin and crypto a "stamp of approval"
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Still, the broader crypto market pulled back. After recent highs, Bitcoin is consolidating near $117,900, down from $123,000 earlier. ETH slipped below $3,790, while XRP dipped despite briefly touching $3.62. However, this could be a healthy correction after strong rallies in recent weeks.
The pullback also comes as many traders prepare for volatility ahead of expected regulatory developments. The crypto market structure bill, which could reshape how the SEC and CFTC oversee the space, is set to pass in September or October.
Despite the correction, the larger trend remains bullish. Crypto analyst Lark Davis said that the current bull market isn’t just about Bitcoin hitting big price targets like $150K or $200K. Instead, he says the real surprise could be that this bull market is far from over, and might continue for several more years.
According to Davis, this isn’t like the past cycles we saw in 2017 or 2021. With major players like ETFs, institutions, and big companies now entering the crypto space, he thinks it could be in for a slow, steady, and long-lasting uptrend, similar to gold’s long bull run between 2004 and 2011.
The stock market usually sees bull runs last over 5 years, and if crypto follows a similar path, it might not see the top until 2027 or 2028. Research firm Bernstein even predicts Bitcoin could reach $200K by early 2026 and says this cycle will likely be “long and exhausting.”
