Donald Trump sparks crypto rally by saying more coins to be in reserve.
Ripple was up nearly 30% at around $2.80, while Solana climbed some 20% to around $170. Cardano, a much smaller token by market value, initially rallied more than 60% before paring gains to trade at around $1.02
Cryptocurrencies rallied on Sunday after President Donald Trump talked up digital assets including the Ripple-associated XRP token, Solana and Cardano in a post on Truth Social, his preferred social media platform.
In the post, Trump said his executive order on crypto “directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.”
A second Truth Social post, published a little more than an hour later, added: “obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. I also love Bitcoin and Ethereum”.
Trump’s order — issued in January — didn’t mention any specific tokens and referred only to the possibility of a “national digital asset stockpile,” the potential creation and maintenance of which should be evaluated by the working group.
Bitcoin, which in February tumbled dramatically from its all-time highs, jumped more than 6% after the president’s second post, reclaiming the $90,000 level on Sunday afternoon in New York. Ether, the second-largest digital token, rallied nearly 10% to around $2,400.
Source: MONEYCONTROL