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.
Ripple, Cardano Rally
Trump’s comments “have resulted in participants rushing to reestablish long positions and are serving as a spectacular tailwind for prices,” said Spencer Hallarn, global head of OTC trading at crypto investment firm GSR.
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.
The White House didn’t immediately respond to a request for comment.
The lack of an explicit mention of Bitcoin in the January executive order disappointed some of the largest digital token’s most outspoken supporters, who had spent months anticipating a “Bitcoin Fort Knox.”
Read: Trump Gets Upstaged by RFK Jr.’s Claims of ‘Bitcoin Fort Knox’
Dining With Trump
Earlier in February, Trump had shared a CoinDesk story about Ripple Chief Executive Officer Brad Garlinghouse on Truth Social, stoking both cheers from XRP fans and grumbling among other crypto executives.
Garlinghouse had said in December that his digital payments company planned to donate $5 million worth of XRP to Trump’s inauguration festivities.
Prior to the inauguration, which attracted similarly sizable donations from a range of crypto personalities, Garlinghouse was photographed dining with the president at Mar-a-Lago, accompanied by Ripple’s chief legal officer, Stu Alderoty.
