- Ripple Labs donated $5 million in XRP to Donald Trump’s inauguration
- Trump’s pro-crypto stance has boosted the market, with XRP up 338% since his election
- Investors expect another bull run for XRP once Trump takes office in January
Ripple Labs, the company responsible for XRP and the newly launched stablecoin RLUSD, recently made a major donation for Donald Trump’s inauguration.
Recent reports by Fox Business reveal that Ripple donated $5 million in XRP to the inauguration, adding up to over $200 million in funding for the event. On top of that, Kraken has also reportedly donated $1 million.
This recent donation further cements Ripple’s close ties with the future white house. Throughout the campaign, the company led by its CEO Brad Garlinghouse made major donations in support of pro-crypto super PACs—while Garlinghouse celebrated Donald Trump’s victory.
In truth, the Republican’s victory on November 5th has made a lot of waves in the crypto market. Adopting a much friendlier stance on crypto this time, Donald Trump weighed in several times on the importance of digital assets during the campaign and quickly became the favorite among crypto voters.
Despite only taking office in January—Trump’s presence hovering over the market has already shown relevant results. Decisions like replacing Gary Gensler at the SEC, and even creating a new position for a Crypto Czar at the Whitehouse have fueled the market with momentum and optimism of a friendlier and clearer approach by U.S. regulating agencies in the future.
Ripple’s XRP was one of the assets that gained the most momentum following the election. Currently trading at $2.27, the currency is up by 338% since Trump’s victory over Kamala Harris.
While most of the rally that led XRP to become the third most valuable digital asset in the world appears to be slowing down—investors expect yet another bull run once Trump takes office in January.
The information provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more
