XRP Jumps 40%, SOL 70% as President Trump Confirms “Crypto Strategic Reserve”
US President Donald Trump made a surprising announcement on his social media platform, Truth Social, stating that Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), and “other valuable cryptocurrencies” would be added to the country’s strategic crypto reserve. The first details of the initiative pushed the price of XRP about 40 per cent higher, while Cardano (ADA) surged by around 70 per cent.The Teaser of the US Crypto ReserveInterestingly, the initial post mentioned only three cryptocurrencies: XRP, SOL, and ADA. However, the President clarified in a follow-up post that BTC and ETH would also be included in the reserve, adding that these digital assets “will be the heart of the Reserve.”He further stated: “I also love Bitcoin and Ethereum!”“A U.S. Crypto Reserve will strengthen this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” he wrote in the initial post. “I will make sure the U.S. is the Crypto Capital of the World.”However, the Federal Reserve’s stance on the anticipated “crypto strategic reserve” remains unclear.XRP Reserves a BoostTrump’s post has injected optimism into the bearish cryptocurrency market. ADA led the rally, gaining about 70 per cent within minutes, while SOL jumped 25 per cent. The value of XRP, which was struggling around the $2 support level, surged to $2.96, a rise of approximately 40 per cent.Fulfilling a Campaign PromiseTrump’s latest post echoes his campaign promise of a "strategic national Bitcoin stockpile," which he unveiled at the Bitcoin 2024 conference in Nashville, Tennessee. At the event, he even touted himself as the first "crypto President."“If I am elected, it will be the policy of my Administration—the United States of America—to keep 100% of all the Bitcoin the government currently holds or acquires in the future. We will keep a hundred per cent,” he stated at the time.“I hope you do well, at least. This will serve, in effect, as the core of the strategic national Bitcoin stockpile.”Interestingly, Trump has followed through on most of his campaign promises, including those related to cryptocurrencies. Earlier, he ordered the formation of the Digital Asset Working Group to explore cryptocurrency regulations.Furthermore, his interim appointees—who head two key US regulatory agencies, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)—have shown a positive stance towards cryptocurrencies. Under Acting Chairman Mark Uyeda, the SEC dropped its lawsuit against Coinbase and also halted proceedings against Binance. The agency even ended its probe into Gemini and multiple other crypto platforms. This article was written by Arnab Shome at www.financemagnates.com.
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US President Donald Trump made a surprising announcement on his social media platform, Truth Social, stating that Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), and “other valuable cryptocurrencies” would be added to the country’s strategic crypto reserve. The first details of the initiative pushed the price of XRP about 40 per cent higher, while Cardano (ADA) surged by around 70 per cent.
The Teaser of the US Crypto Reserve
Interestingly, the initial post mentioned only three cryptocurrencies: XRP, SOL, and ADA. However, the President clarified in a follow-up post that BTC and ETH would also be included in the reserve, adding that these digital assets “will be the heart of the Reserve.”
He further stated: “I also love Bitcoin and Ethereum!”
“A U.S. Crypto Reserve will strengthen this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” he wrote in the initial post. “I will make sure the U.S. is the Crypto Capital of the World.”
However, the Federal Reserve’s stance on the anticipated “crypto strategic reserve” remains unclear.
XRP Reserves a Boost
Trump’s post has injected optimism into the bearish cryptocurrency market. ADA led the rally, gaining about 70 per cent within minutes, while SOL jumped 25 per cent.
The value of XRP, which was struggling around the $2 support level, surged to $2.96, a rise of approximately 40 per cent.
Fulfilling a Campaign Promise
Trump’s latest post echoes his campaign promise of a "strategic national Bitcoin stockpile," which he unveiled at the Bitcoin 2024 conference in Nashville, Tennessee. At the event, he even touted himself as the first "crypto President."
“If I am elected, it will be the policy of my Administration—the United States of America—to keep 100% of all the Bitcoin the government currently holds or acquires in the future. We will keep a hundred per cent,” he stated at the time.
“I hope you do well, at least. This will serve, in effect, as the core of the strategic national Bitcoin stockpile.”
Interestingly, Trump has followed through on most of his campaign promises, including those related to cryptocurrencies. Earlier, he ordered the formation of the Digital Asset Working Group to explore cryptocurrency regulations.
Furthermore, his interim appointees—who head two key US regulatory agencies, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)—have shown a positive stance towards cryptocurrencies. Under Acting Chairman Mark Uyeda, the SEC dropped its lawsuit against Coinbase and also halted proceedings against Binance. The agency even ended its probe into Gemini and multiple other crypto platforms. This article was written by Arnab Shome at www.financemagnates.com.
