Throughout his presidential campaign, Donald Trump supported the crypto community and promised to acquire bitcoin (BTC) regularly so that America could set up a strategic crypto reserve. Moreover, four days before his inauguration, the president-elect revealed that he plans to prioritize two significant altcoins, Solana (SOL) and Ripple (XRP), as part of the country’s crypto holdings under his administration.
Following his announcement, the mentioned cryptocurrencies took a turn to the upside as investors pulled in their funds. Sol jumped to $217, a 15% increase, while XRP soared by almost 8% to reach $3.4 on Thursday.
U.S to Hodl XRP and SOL
Before considering holding altcoins, Trump met with founders, including Ripple’s CEO Brad Garlinghouse, to explore the potential future of the US if it were to keep these coins. Sources indicate he was receptive to the idea, potentially paving the way for altcoin addition to the soon-to-be-achieved U.S crypto reserve.
The involved altcoins have made many bullish waves in the crypto market. Recently, XRP soared past USDT and BNB to become the third-largest in the crypto market capitalization ranking, while SOL ranked sixth.
Meanwhile, investors and asset managers have switched their attention to these coins, thus their applications for spot XRP and SOL exchange-traded funds (ETF). While the U.S. financial watchdog has not responded to the fund’s applications, Trump’s decision to invest in the coins could hasten the approval and launch process.
A New America Under Trump
Various financial analysts eagerly anticipate Trump’s administration, believing he’ll help stabilize America’s economy and restore many businesses that migrated due to strict operation regulations.
Dennis Dinkelmeyer, the founder and CEO of European-based cryptocurrency investment firm Midas, said:
“Founders across the market are looking to make a comeback or expand into the US for the first time in four years. Excitement is returning, and you see this in recent news of big projects such as TON pushing into the stateside market for the first time.”
Moreover, Trump has appointed a new crypto-friendly Securities and Exchange Commission (SEC) chairman to ease the strict crypto operation laws set by the outgoing leader, who’ll step down on January 20, 2025.
