Another pleasant day in the world of cryptocurrencies as US president Trump made a major announcement boosting crypto prices back to bullish zone. The news of a Crypto Strategic Reserve’ which will include Ripple (XRP), Solana (SOL), and Cardano (ADA) has taken the market by a sweet surprise.
#Trump: "And obviously BTC and ETH as other valuable crypto will be at the heart of the Reserve, I also love Bitcoin and Ethereum!" pic.twitter.com/PZXE8UJHw0
— MartyParty (@martypartymusic) March 2, 2025
Trump: “I Will Make Sure the U.S. is the Crypto Capital of the World”
Today, President Trump directed the Presedential Working Group on Digital Assets to ‘move forward’ on a Crypto Strategic Reserve’ which will include Ripple (XRP), Solana (SOL), and Cardano (ADA).
Trump took to Truth Social to announce his decision. The Executive Order is yet to be published.
The Presidential Working Group on Digital Assets was established by an executive order on January 25th, 2025, five days after Trump swore in.
Per the Jan 25 Executive Order, the working group is tasked with ‘developing a Federal regulatory framework governing digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile.’
Truth Social, a micro-blogging site, is owned by Trump Media and Technology Group, Trump has a majority share in this company.
This working group is chaired by the White House AI & Crypto Czar David Sacks. The group also includes the Secretary of the Treasury, Scott Bessent, and the acting Chairman of the Securities and Exchange Commission, Mark T. Uyeda. Uyeda will serve till the Senate clears Paul Atkins’ for the role.
Additionally, ‘the heads of other relevant departments and agencies’ are also part of the working group.
How did the Crypto Market React?
Unsurprisingly, XRP, SOL, and ADA took off sharply after Trump posted on Truth Social. XRP jumped around 20%, crossing the $2.7 mark; SOL was sitting at the $160.9 mark, a sharp 20% spike, when writing this report. ADA too was up around 20%, just shy of the $1 mark at $0.99.
Solana was not behind with over 20% gains in a few hours.
Cardano was the star of the show gaining over 55% in the last few hours. XRP, SOL, and ADA have quite a history in this young industry. Ripple, the entity behind XRP, has been working with governments to adopt a blockchain based global money transfer system, based on the XRP chain. The USP of this blockchain is cost-efficiency, speed, and decentralized record keeping.
Note that, Ripple’s infamous court battle with the SEC is expected to end soon. Undoubtedly, XRP’s inclusion in the Crypto Strategic Reserve super bullish for the industry and the crypto.
During the Biden administration, Ripple scored a landmark victory in the SEC vs Ripple case, when a a District Court judge ruled that XRP was not a security.
Meanwhile, Solana, a diverse and rich ecosystem of cryptocurrencies is also sure to benefit from this move.
ADA, the native token of the Caradano blockchain. Started by Charles Hoskinson, a legacy blockchain developer, this blockchain is a niche ecosystem in the otherwise wild and price-focused market. Notably, Hoskinson was part of the Ethereum core development team.
BTC and ETH ‘at the heart’ of the Reserve
Bitcoin and Ethereum reacted positively to the news, with BTC climbing 3% to the $90,000 mak. Ethereum, meanwhile, was also up 3.6%, hitting the $2329 mark.
Shortly after announcing the Executive Order, Trump posted that BTC and ETH would be central to the reserve. ‘I also love Bitcoin and Ethereum!’
Accusing Biden of making corrupt attacks on the ‘critical industry,’ the president suggested more focused actions for this industry. He reiterated the promise of making the U.S. the crypto capital of the world.
The mechanics of a crypto strategic reserve are not clear yet, however, it will likely be clearly described in the executive order. The order will be published in a few days.
Amid an ongoing bearish phase, this news comes as a booster, pumping XRP, SOL, and ADA to come out of the prolonged lull.
