United States President Donald Trump has directed his Presidential Working Group on Digital Assets, led by executive director Bo Hines, to move forward on a Crypto Strategic Reserve.

The prices of XRP, Solana (SOL), and other crypto assets have soared after Trump announced that the aforementioned tokens would be part of the strategic cryptocurrency reserve.

A Crypto Strategic Reserve To Make US Crypto Capital

Trump said Ripple’s XRP, Solana (SOL), and Cardano (ADA) — all regarded as U.S.-made cryptocurrencies — are three assets to be included in the strategic reserve.

In his initial announcement, the president did not name Bitcoin (BTC) or Ethereum (ETH) — the two largest cryptocurrencies by market cap. However, he quickly clarified that the reserve would include these assets as well, indicating that they would be at the “heart of the reserve.” 

Writing on his social media platform Truth Social Sunday, Trump added that the move was a bid to make the country the “crypto capital of the world.”

“A U.S. Crypto Reserve will elevate 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 said. “I will make sure the U.S. is the crypto capital of the world.”

Trump previously promised to create a strategic Bitcoin reserve while giving a speech at the Bitcoin 2024 conference in Tennessee. 

Trump told the audience during his keynote speech:

 “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 into the future. We will keep a hundred percent.”

The Federal government already holds at least $19 billion worth of BTC and around $140 million worth of ETH, according to Arkham.

The announcement on Sunday comes just days before President Trump is scheduled to host an inaugural White House Crypto Summit. At the upcoming event, the President will discuss the future of digital assets with “prominent founders, CEOs, and investors from the crypto industry.”

Crypto Prices Explode Higher Following The Announcement

Since Trump’s post was published, the price of Bitcoin has shot above $94,000, while Ether surged 11.8%. XRP, Cardano, and Solana have also skyrocketed in value, according to data from CoinGecko.

XRP has jumped 32.7% in the last 24 hours to a price of $2.85 — the highest price in over a week. Solana has spiked 21.1% to $169.60, while Cardano is up a staggering 62.6% to reclaim the $1 mark, its highest price in close to a month.

Other cryptocurrencies are riding the bullish wave and posting impressive rallies. The industry’s seminal meme coin Dogecoin (DOGE), for instance, is up 12.2% on the day. As of press time, the total crypto market capitalization stands at $3.2 trillion.

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