Ripple Shuts Down Trump Drama as XRP Hits Record Highs After 7 Years!

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MARKETS TREND

Ripple’s CLO, Stuart Alderoty, has flat out denied allegations that former President Donald Trump called out the company for supporting Kamala Harris in a past election.

The claims, which came from a Unchained report, said Ripple co-founder Chris Larsen had donated to political action committees (PACs) tied to Harris. Alderoty called the rumors “pure fiction” and used social media to call out the report as false and misleading.

It’s a tough time for Ripple as they are in a legal battle with the SEC over whether XRP is a security. But Ripple is focused on building their ecosystem and defending their brand against what they call baseless attacks.

 

XRP/USD

XRP Hits 7-Year High Amid Controversy

In the midst of the political rumors, XRP, the cryptocurrency of Ripple, hit a 7 year high of $3.40 as speculation swirled around its inclusion in a US strategic digital assets reserve. XRP trading activity surged with over 2,365 transactions over $100,000 in 24 hours.

The price move came as reports surfaced that Trump was considering adding non-Bitcoin cryptocurrencies, including XRP, to a national reserve. While these rumors are unverified, they have sparked conversations around the future of XRP in US financial strategy. Ripple reps have denied orchestrating these reports and are focused on innovation and trust in the crypto space.

Community Voices Call for Evidence-Based Reporting

XRP advocate John Deaton, a well known attorney, called out the speculative nature of the reports. Deaton said misinformation is dangerous and we need evidence based journalism to stop the spread of FUD in the crypto space.

Deaton also warned about “tribalism” in the crypto space where communities will often try to discredit other projects. He said XRP’s performance relative to Bitcoin has likely brought more attention and speculative reporting.

Ripple’s Susan Hendrick said in a statement: “Brad has talked to Trump about crypto but has no connection to this.” “These are completely false”

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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