The US Government Is Inch By Inch Getting Closer to Setting Up a Crypto Strategic Reserve

After President Trump's executive order earlier this month

The US government is getting closer to setting up a crypto strategic reserve following President Trump's executive order earlier this month, which could bode well for XRP (CRYPTO: XRP) rivals. Last week, Congressman Byron Donalds tabled the "Reserve & Stockpile Act" that will turn Trump's plan to buy Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), ADA, and Solana (CRYPTO: SOL) into law.

If the US Congress passes this reserve bill, the crypto assets mentioned by Trump as part of the initiative such as XRP are bound to rally. This rally could also trigger a massive rebound for XRP rivals including SOL, ADA, XLM, and DOGE.

These four XRP rivals have some strong fundamentals and bullish catalysts that could see them making massive returns once Congress approves the crypto strategic reserve bill.

Solana (SOL)

Solana price today trades at $128 after a 5% drop in 24 hours. The crypto strategic reserve bill is an ideal opportunity for traders to buy the dip before a parabolic SOL price rally.

Crypto expert Coinvo noted that Solana price had formed a cup and handle pattern on its weekly chart. This pattern signals a bullish continuation, with the price target being the height of the neckline and the depth of the cup.

If Solana completes the handle and reverses back to the neckline, the price could surge to as high as $500. A crypto strategic reserve bill will also see SOL become one of the assets held by the US government, which is another bullish catalyst that makes Solana one of the best XRP rivals to buy.

Cardano (ADA)

One of the top US altcoins that may be mentioned in Congress when the US crypto strategic bill is tabled is Cardano. At press time, ADA trades at $0.71, marking a 4% decrease in 24 hours. However, ADA whales seem to be buying the dip. Crypto analytics platform TapTool has noted that whales bought 130M ADA tokens in the past 72 hours.

Cardano price has also successfully defended critical support at $0.69, and is attempting to make a crossover above its 200-day EMA. Once the altcoin confirms this bullish move, the price can move upwards to the 123.6% Fibonacci level of $1.30.

Because of this bullish technical outlook, Cardano is one of the best XRP rivals to buy for significant gains in the coming weeks.

Stellar (XLM)

Stellar price has seen a slight decline of 1.7% in the last 24 hours after a downtrend across the broader crypto market. At press time, XLM trades at $0.269 and could be one of the top XRP rivals to rally after the crypto strategic reserve bill is passed.

Analysts have shared a bullish Stellar price prediction after the price swang above the 23.6% FIb level of $0.23. This level also marks the lower trendline of a bull flag pattern. If XLM price flips the upper trendline, the next target is the $161.8% Fib level of $0.95.

XLM also tends to mimic XRP price movements. Therefore, an XRP rally after Congress approves the bill will stir XLM gains.

Dogecoin (DOGE)

Dogecoin price has been under bearish pressure. After losing critical support at $0.20, DOGE has dropped to $0.17, However, analysts are optimistic that a Dragonfly Doji on the weekly chart rhymes with Dogecoin’s 2017 trend.

After DOGE confirmed this setup in 2017, the price surged by more than 10x within months. If history rhymes, Dogecoin may be on the verge of a parabolic rally, making this altcoin one of the top XRP rivals to buy today.