Trump Boosts ADA, SOL, XRP: Altcoins Surge After U.S. Crypto Reserve Inclusion
1min read Cryptocurrencies ADA, SOL, and XRP experienced a significant rally following the announcement by former U.S. President Donald Trump that these altcoins would be included in the U.S. crypto strategic reserve. The news drove a substantial rebound in the broader cryptocurrency market, with Bitcoin surging above the $90,000 psychological level.
Cardano's (ADA) token led the gains among the top 100 cryptocurrencies, rising over 43% in the 24 hours leading up to 10:15 am UTC on March 3, trading above $0.95. Solana (SOL) and XRP (XRP) also staged notable rallies, with XRP rising over 15% and SOL nearly 12% on the daily chart, outperforming Bitcoin's 7.3% intraday rise.
The rally came a day after Trump announced that his Working Group on Digital Assets had been directed to include ADA, SOL, and XRP in the U.S. crypto strategic reserve. According to Marcin Kazmierczak, co-founder and chief operating officer of blockchain oracle provider RedStone, this announcement was the primary driver behind the rally. Kazmierczak also noted that community support played a role, particularly for ADA and XRP, which already had strong followings that could attract more retail investors.
Trump's announcement may signal a significant turning point for the three altcoins, as it marks the first time specific altcoins were highlighted in the plan, suggesting that the U.S. is considering a broader range of cryptocurrencies beyond Bitcoin. This development could extend beyond the U.S. and influence other countries' crypto policies.
The current crypto market recovery may indicate the end of the previous market capitulation, which saw 24% of the top 200 cryptocurrencies fall to one-year lows. The inclusion of ADA, SOL, and XRP in the U.S. crypto strategic reserve could further boost their adoption and legitimacy in the global market.
