On Sunday, March 2, XRP grabbed attention after President Donald Trump posted on Truth Social about the establishment of a “Strategic CryptoReserve” that would include XRP along with Solana and Cardano. However, it soon became apparent that this endorsement benefited Ripple Labs, a client of lobbyist Brian Ballard, leading to frustration within the White House.
The Making of Trump’s XRP Announcement
The situation unfolded at Mar-a-Lago, where a staff member from Ballard Partners persistently encouraged Trump to share prepared statements promoting certain cryptocurrencies, according to reports by Politico. After several dismissals, Trump finally forwarded the text to an aide, resulting in the following announcement:
“A US Crypto Reserve will support this essential industry after years of corruption from the Biden Administration. My Executive Order on Digital Assets instructed the Presidential Working Group to create a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will ensure the US becomes the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
Shortly after, White House officials discovered Ripple was a client of Ballard’s, causing immediate backlash. Trump reportedly felt deceived, stating, “He is not welcome in anything anymore,” effectively sidelining Ballard from White House discussions.
David Sacks, the White House “crypto czar,” quickly alerted Chief of Staff Susie Wiles that the post jeopardized an upcoming government crypto summit. Trump subsequently made another post clarifying: “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
Wiles traced the initial idea back to Ballard’s staffer, and a senior aide criticized the lobbyist for promoting his client. The directive was clear: halt all meetings with Ballard.
Ballard contested the notion of being excluded, stating to Politico, “We are accustomed to false accusations … Despite these unnamed sources, Ballard Partners will continue to deliver results.” He pointed to invitations to post-incident fundraisers and a call with a senior official as proof of ongoing access, even as some clients quietly sought connections with other Trump associates, indicating that access had become more restricted.
Ripple’s engagement with Trump is not new; Chief Legal Officer Stuart Alderoty had previously contributed over $300,000 to pro-Trump funds in 2024, and Ripple had donated $5 million in XRP to the inaugural fund, also backing the Fairshake PAC.
While it’s uncertain if these connections influenced XRP’s highlighted position, on March 6, Trump signed an executive order creating a federal “Digital Asset Stockpile.” This mirrored the reserve concept that caused the stir, but noted a significant difference: the Strategic Reserve would only buy BTC, while the Crypto Stockpile would allow for holding or selling.
As of the latest update, XRP was valued at $2.29.
