XRP, ADA, and SOL Decline Following Lackluster White House Crypto Summit

March 8, 2025
By Shaurya Malwa

The cryptocurrency market experienced a notable downturn on Friday as traders reevaluated the outcomes of the inaugural White House Crypto Summit. Expectations were high for sweeping announcements that would bolster the prices of major cryptocurrencies, particularly altcoins like XRP, Cardano’s ADA, and Solana’s SOL. However, the summit concluded with little more than assurances of stablecoin legislation and hints at reduced regulatory hurdles, leaving many traders feeling underwhelmed.

Market Reactions and Price Movements

In the wake of the summit, XRP demonstrated a significant drop, decreasing by 3.5% in the 24 hours that followed. The digital asset was priced at nearly $2.4, a substantial decline from a high of $2.98 earlier in the week, representing a near 20% decrease since its peak last Sunday. Cardano’s ADA suffered a fall of over 5%, while Solana’s SOL fell by 4%, hovering around $138 during the Asian afternoon hours on Saturday.

In contrast, Bitcoin (BTC) exhibited a resilient performance amidst the broader market decline. BTC was trading at $86,000, down just 2.5% in the same period. This relative strength highlights the market leader’s ability to weather the storm as smaller currencies faced more severe selling pressure.

Summit Highlights and Expectations

The White House Crypto Summit, chaired by President Donald Trump’s AI and Crypto Czar, David Sacks, was initially billed as a landmark event that could shape the future of cryptocurrency regulation in the U.S. Investors had anticipated bold announcements, especially following Trump’s earlier commitment to establish a U.S. strategic crypto reserve that would prominently feature cryptocurrencies including Bitcoin, Ethereum (ETH), XRP, SOL, and ADA.

However, as the summit unfolded, it became clear that the anticipated announcements would not materialize. Instead of concrete initiatives, the White House presented a framework for regulating stablecoins with a deadline for legislation set before August, alongside promises of a lighter regulatory approach. These announcements were insufficient to inspire the kind of enthusiasm traders had hoped for.

During the summit, Trump criticized the federal government’s previous sales of seized Bitcoin, noting, "it’s foolish that the federal government had already sold so much of its seized bitcoin," and suggesting a colloquial rule of “never sell your bitcoin.”

Market Implications and Future Perspectives

The clarification from Sacks regarding the illustrative nature of Trump’s remarks about featured cryptocurrencies tempered the initial excitement sparked by his Sunday Truth Social posts, which had seen major cryptocurrencies surge as much as 60%. This initial rally was quickly followed by disappointment as traders adjusted their expectations.

Despite the muted outcomes, some market analysts believe the summit could have longer-term implications for cryptocurrency regulation and adoption. Vincent Chok, CEO of First Digital, indicated that prioritizing Bitcoin as a reserve asset legitimizes its role as “digital gold” and could catalyze global regulatory shifts.

"If other nations align with U.S. policy, we could see the establishment of national strategic cryptocurrency stockpiles. This confidence at the federal level may encourage institutional participation in decentralized finance markets and broaden interest across various digital assets beyond just Bitcoin," Chok shared in an email to CoinDesk.

Looking Forward

As the dust settles from the summit, cryptocurrency enthusiasts and traders are left to navigate a landscape shaped by cautious optimism and regulatory uncertainty. The promise of future legislative frameworks could either bolster or hinder market activity in the coming months, as the focus now shifts to how these regulatory promises will be implemented and their ultimate impact on the crypto market landscape.

As developments continue to unfold, traders will be keenly watching how the broader market responds and whether altcoins can recover from their recent declines.