Saylor suddenly changes tune on XRP

In a recent conversation with CNBC's Sara Eisen, Strategy cofounder Michael Saylor has given a surprisingly warm welcome to the idea of a multi-token cryptocurrency reserve

The crypto market is known for its volatility, and recent price swings in major cryptocurrencies have been a subject of discussion among investors and analysts. In a recent conversation with CNBC's Sara Eisen, Strategy cofounder Michael Saylor has expressed his thoughts on a multi-token cryptocurrency reserve that includes XRP.

"I think it’s bullish for Bitcoin. It’s bullish for crypto. It’s the progressive way to go. ... We’re going to be invested in a multi-token crypto reserve. It’s going to be part of our strategy going forward. I think it’s going to be good for Bitcoin, good for crypto and it’s going to be the logical way to proceed," Saylor said.

Saylor's stance on investing in cryptocurrencies other than Bitcoin has evolved. Previously, he maintained that the firm would not invest in altcoins, but his recent statement signals a shift in strategy.

However, despite Saylor's endorsement of a diverse crypto reserve, the initiative has sparked significant backlash from members of the crypto community, including such crypto-friendly figures as Variant CLO Jake Chervinsky.

"They're planning a distraction from the real work that needs to be done on stablecoins and market structure legislation," Chervinsky penned.

Saylor's comments come at a time when the future of crypto regulation in the U.S. is uncertain. Earlier this year, the SEC sued Binance and its CEO Changpeng Zhao for allegedly defrauding investors and illegally operating an exchange. The regulator also sued Coinbase for allegedly selling unregistered securities to retail investors.

These lawsuits have raised concerns about the SEC's broad interpretation of securities laws and the potential impact on the crypto industry.

In other crypto news, Bollinger Bands, a technical analysis tool used to identify price ranges and potential reversals, were signaling a bearish turn for Bitcoin (BTC).

After adding 10% to its value and surging to $93,604 the day prior, Bitcoin saw a 5% decline today, hitting a low of $89,100. However, there were signs of such an outcome, with the Bollinger Bands indicator being one of them.

Bitcoin struggled to maintain its position above the middle band, which, at yesterday's close, led to a liquidation of $1 billion worth of leveraged positions, as reported by CoGlass.

At the time of writing, BTC is changing hands at $88,850, up 7.15% over the past 24 hours, according to CoinMarketCap.

According to data provided by Shibburn, yesterday, March 4, a massive SHIB transaction took place, carrying 20,000,000 SHIB to an unspendable blockchain address. The transaction contributed to a total of 20,794,281 SHIB burned by the community that day, resulting in a 34.24% increase in the daily burn rate.

Over the past seven days, 122,135,883 SHIB have been destroyed; this brings the total of eliminated SHIB tokens to 410,744,744,227,515 SHIB. The burning efforts seem to have slightly helped the asset's recovery; at press time, SHIB is being sold for $0.00001304, having recovered by 3.77%.

Another factor that contributed to the meme coin's price increase is Bitcoin's recent upturn; it is known that altcoins tend to follow the flagship crypto when it comes to price movements.