ADA, XRP, SOL Plunge as White House Backpedals on Trump's Crypto Reserve Plan

Cardano's ADA, XRP, and Solana's SOL experienced price declines on Friday following a White House official's clarification regarding President Trump's announcement. Trump had previously stated he would sign an executive order establishing a strategic cryptocurrency reserve including ADA, XRP, SOL, Bitcoin, and Ether.

However, a senior White House official later stated, "I think the president just gave five examples of cryptocurrencies in his post. Those five have to be the largest by market cap." The official downplayed the significance of the specific coins mentioned, emphasizing consistency with the President's previous statements on the cryptocurrency space.

CoinGecko data reveals this statement isn't entirely accurate. Excluding Tether (USDT), the top five cryptocurrencies by market capitalization are Bitcoin, Ether, XRP, Binance's BNB, and SOL. Dogecoin ranks sixth, with ADA following closely behind.

Trump's March 2nd social media post claimed a "U.S. crypto reserve will elevate this critical industry after years of corrupt attacks from the Biden Administration." The inclusion of SOL, ADA, and XRP in the proposed reserve drew criticism from some industry members, who voiced concerns about potential corruption and self-dealing.

Following Trump's comments, ADA dropped over 5% to $0.82, XRP fell 3.5% to $2.41, and SOL declined by 2%. All three tokens experienced further losses within the subsequent 24 hours, mirroring a broader cryptocurrency market downturn.

Senior executives from the cryptocurrency industry attended the White House's inaugural crypto summit in Washington, D.C.