Cryptocurrencies rallied on Sunday after President Donald Trump announced the creation of a U.S. strategic crypto reserve

This is the first time Trump has specified his support for a crypto "reserve" versus a "stockpile."

Cryptocurrencies rallied sharply on Sunday after former President Donald Trump announced the creation of a U.S. strategic crypto reserve that will include bitcoin and ether, as well as XRP, Solana's SOL token and Cardano's ADA, he said in a post on Truth Social.

“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA, to be included in the U.S. Crypto Reserve,” the post said. “I will make sure the U.S. is the Crypto Capital of the World.”

“And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve.”

XRP soared 33% after the announcement while the token tied to Solana jumped 22%. Cardano's coin rose more than 60%.

Bitcoin and ether rose 9% and 11%, respectively.

This is the first time Trump has specified his support for a crypto “reserve” versus a “stockpile.” While the former involves actively buying crypto in regular installments, a stockpile would simply not sell any of the crypto currently held by the U.S. government.

Trump first introduced the idea of a national bitcoin stockpile last summer at Bitcoin 2024 in Nashville, one of the industry's largest conferences, where he began courting the crypto vote. At the same event, Wyoming Senator Cynthia Lummis introduced her proposal for a national strategic bitcoin reserve.

After his re-election in November, the drumbeat for a strategic bitcoin reserve grew louder, helping send the price of the flagship cryptocurrency to new all-time highs. That seemed to come to a halt after Trump issued his executive order on crypto in late January. It called for the President's Working Group on crypto to evaluate the "potential creation and maintenance of a national digital asset stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts," among other things.

The industry had a lukewarm response to the language, — in part because investors expected a focus on bitcoin, whereas the term "digital assets" suggested the stockpile could include other cryptocurrencies without giving specifics.

Bitcoin had been in consolidation since the executive order. It just closed out its worst month since 2022, with its performance driven by macro uncertainty as it's been absent a crypto specific catalyst.

Trump is hosting the first White House Crypto Summit on Friday, and investors will be watching closely for more clues about the direction of the reserve plans.