Cardano Jumps 60%, XRP Gains 25% Amid Trump’s Reserve Plans, Yet Traders Stay Wary

Former U.S. President Donald Trump is set to host the inaugural Crypto Summit at the White House on March 7, where he is expected to outline his vision for regulatory support and business development in the crypto sector.

Trump’s proposal to establish a national strategic reserve of Solana (SOL), Cardano (ADA), and XRP sent these assets soaring by as much as 60% on Sunday. Despite the surge, traders remain cautious, awaiting further clarification on implementation.

“The market’s reaction has been strong, but a short-term pullback is likely as investors analyze the legal and logistical challenges surrounding Trump’s proposal,” said Kevin Guo, director of HashKey Research, in a message to CoinDesk. “Federal Reserve Chairman Jerome Powell has previously stated that the central bank cannot hold Bitcoin, so similar restrictions may apply to other cryptocurrencies.”

Guo noted that the upcoming Crypto Summit could provide further insights or additional policy announcements that may influence market trends.

On Sunday night, Trump took to Truth Social to confirm that XRP, SOL, and ADA would be included in the U.S. strategic crypto reserve. Shortly after, he expanded the list to include Bitcoin and Ethereum, reinforcing an idea he had floated during his 2024 presidential campaign.

The crypto market responded with a sharp rally, pushing Bitcoin up 6.5% to surpass $93,000 on Monday, while the broader market tracked by the CoinDesk 20 (CD20) index rose 7%.

Other major tokens, including Chainlink (LINK), Uniswap (UNI), and Movement (MOVE), recorded an 8% increase over the past 24 hours, benefiting from their association with World Liberty Financial, a firm linked to the Trump family.

Despite the rally, some experts urge caution, emphasizing that the market needs more concrete developments to sustain its momentum.

“Until more details emerge, we anticipate continued volatility,” said Chris Yu, CEO of SignalPlus, in a message to CoinDesk. “Still, the shift in sentiment suggests that the bull market could be gaining traction.”

Yu added that investors will be closely watching capital flows into U.S.-traded crypto ETFs, which recently saw record outflows. A reversal in this trend could signal renewed confidence and further market growth.