Trump’s Crypto Reserve Announcement Boosts ADA and XRP Prices
U.S. President Donald Trump announced plans for a national strategic reserve of cryptocurrencies including SOL, ADA, and XRP, leading to price increases of up to 60% on Sunday. However, traders remain cautious pending further details.
- Kevin Guo from HashKey Research noted potential for short-term corrections as investors assess legal challenges to Trump's reserve.
- Federal Reserve Chairman Jerome Powell indicated the U.S. central bank cannot hold Bitcoin, presenting hurdles for the reserve.
- Trump's Crypto Summit is scheduled for March 7, where additional regulatory plans are expected.
- Post-announcement, Bitcoin rose 6.5% to over $93,000, with the CoinDesk 20 index gaining 7%.
- Tokens such as Chainlink’s LINK, Uniswap’s UNI, and Movement’s MOVE increased by 8%, linked to World Liberty Financial backing.
Chris Yu from SignalPlus anticipates volatility until more details about the reserve emerge, while monitoring inflows into U.S.-traded ETFs as indicators of market trends.