Trump names cryptocurrencies for US 'strategic reserve,' boosting values

President Donald Trump on Sunday announced the inclusion of five cryptocurrencies under consideration for a new US "strategic reserve," causing their values to surge and partially reversing a recent slump.

In a post to his Truth Social network, Trump said a working group he established shortly after taking office is moving forward with the reserve, which will include three smaller cryptocurrencies: XRP, Solana, and Cardano.

The announcement prompted significant increases in the value of the digital currencies. By 1 PM local time in Washington (1800 GMT), XRP had risen around 34%, Solana gained roughly 22%, and Cardano surged more than 63%.

Moments later, Trump posted again, stating that other major cryptocurrencies, including Bitcoin and Ether, would be central to the reserve. The news sent Bitcoin’s value up more than 10%, while Ether rose by 12%.

Trump's posts contributed to a broad rally in cryptocurrencies, which had been in decline in recent days due to concerns over his tariff threats and new scandals impacting the sector.

Sunday’s comments marked the latest instance of Trump and his associates influencing the cryptocurrency market. Both Trump and his wife, Melania, recently launched their own branded meme coins, sparking allegations they were trying to profit from his political prominence.

Billionaire CEO Elon Musk, a close ally of Trump and a leader of a government efficiency initiative, has also frequently endorsed cryptocurrencies on his own social media platform, X.