A good day has come in the world of crypto, as the President of the USA, Donald Trump, has taken the world by storm by announcing his strong will to make the USA the crypto capital again. The president has announced a crypto strategic reserve, which has already boosted the crypto market.
Moving Forward With Crypto Reserves
Yesterday, Trump took to Truth Social to announce that he is moving forward with the Crypto Strategic Reserve, which will include Ripple ($XRP ), Solana ($SOL ), and Cardano ($ADA ).
He has directed the Presidential Working Group on Digital Assets to move forward with this reserve. The working group is mandated with "developing a federal regulatory framework governing digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile."
Truth Social, a micro-blogging site that is owned by the Trump Media and Technology Group.
Market Impact After Trump's Announcement
As anticipated, XRP, SOL, and ADA took off sharply after Trump posted on Truth Social. XRP jumped around 20%, crossing the $2.7 mark; SOL was sitting at the $160.9 mark, a sharp 20% spike, when writing this report. ADA, too, was up around 20%, just shy of the $1 mark at $0.99.
Solana was not behind, with over 20% gains in a few hours. Cardano was the star of the show, earning over 55% in the last few hours. XRP, SOL, and ADA have quite a history in this young industry.
Ripple, the entity behind XRP, has been working with governments to adopt a blockchain-based global money transfer system based on the XRP chain. The USP of this blockchain is cost-efficiency, speed, and decentralized record-keeping.
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