Cardano Surges 57%, Whales Pile On XRP, Solana: Here's How The 3 Altcoins Reacted To Inclusion In US Crypto Reserve
Large-cap altcoins XRP, Solana, and Cardano topped the market gainers list Sunday after President Donald Trump confirmed their inclusion in a U.S. strategic cryptocurrency reserve.
What happened: Trump announced that the Presidential Working Group is moving forward to establish a cryptocurrency reserve that includes XRP, Solana, and Cardano. The three popular altcoins started to surge instantly.
Cardano's native token ADA reacted the strongest, surging 57% in the last 24 hours, while its trading volume jumped by a whopping 1405% to $9 billion.
The rally sent ADA past $1 after more than five weeks.
The Moving Average Convergence Divergence, which compares two exponential moving averages of price, flashed a "Buy" signal for ADA as of this writing, according to TradingView. Nearly all of the moving averages also indicated a bullish sentiment.
See Also: Bitcoin Is Digital Gold But ‘What’s The Rationale For An XRP Reserve’, Asks Peter Schiff: Cardano Founder Charles Hoskinson Says Trump Made The Right Decision
XRP surged over 24% to become the second most successful cryptocurrency in the last 24 hours. Its trading volume lifted 474% to nearly $19 billion, making it the fourth most traded cryptocurrency in the 24 hours.
The bumper rally got the coin trending over the internet. According to Google Trends, search interest for XRP hit 100, indicating peak popularity.
Meanwhile, over 270 million XRP tokens, worth $753 million at prevailing prices, were purchased by whales over the last 24 hours, according to influential cryptocurrency analyst, Ali Martinez.
Solana zoomed 17%, while its trading volume hit $12.39 billion following a 333% jump.
Martinez noted that SOL was breaking out of a descending parallel channel, potentially targeting a move to $213.
The broader cryptocurrency market surged 8.53% to $3.08 after days of languishing below $3 trillion. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), the two biggest coins by valuations, will be at the “heart” of the strategic reserve, Trump stated later.
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