U.S. President Donald Trump has revealed the names of five cryptocurrencies that he said he wants to include in a new strategic reserve to make the U.S. the "Cryptocurrency Capital of the World".

The market prices of the five coins he mentioned - Bitcoin, Ethereum, XRP, Solana, and Cardano - all surged after the announcement.

It is unclear how the new reserve will operate. Details are expected to be available on Friday, when Trump plans to hold the first cryptocurrency summit at the White House.

In a social media post on Sunday, Trump stated that he had signed an order "directing the President's Task Force to proceed with the establishment of a cryptocurrency strategic reserve including XRP, SOL, and ADA".

About an hour later, he added in another post: "And clearly BTC and ETH, as well as other valuable cryptocurrencies, will be the focus of the Reserve".

The first three coins he mentioned saw price increases of up to 62% on Sunday.

Bitcoin and Ethereum also rose more than 10% each.