Trump’s Surprising Crypto Move: Unveiling the Impact on XRP and Ripple Labs
An Unexpected Twist in the Crypto World
In a surprising turn of events on Sunday, March 2, former President Donald Trump stirred the cryptocurrency market with a provocative post on Truth Social. He advocated for the establishment of a “Strategic CryptoReserve,” proposing that it includes the digital currencies XRP, Solana, and Cardano. However, this move soon unveiled a complex web of interests, drawing attention to Ripple Labs, a client of renowned lobbyist Brian Ballard. The revelation left Trump feeling manipulated, as per sources close to the matter.
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The Genesis of Trump’s XRP Endorsement
The intrigue began at Mar-a-Lago, where an employee from Ballard Partners persistently urged Trump to endorse certain cryptocurrencies publicly. After initially dismissing the idea, Trump eventually relented, leading to a public declaration:
“A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
Ripple’s Influence and Trump’s Reaction
This announcement triggered immediate concern within the West Wing as officials realized Ripple was part of Ballard’s clientele. Trump’s reaction was swift and stern, as he felt exploited by the situation. “He is not welcome in anything anymore,” reported sources close to the administration, indicating a significant fallout.
White House Crypto Concerns
David Sacks, the appointed “crypto czar” of the White House, quickly reached out to Susie Wiles, Chief of Staff, to express worries about how the post might undermine an upcoming government crypto summit. In response, Trump issued another statement highlighting the significance of other major cryptocurrencies, Bitcoin and Ethereum, in the proposed reserve.
The Ripple Effect on Political Dynamics
Following the incident, Susie Wiles traced the post’s origins back to Ballard’s employee, leading to a stern rebuke. Consequently, instructions were issued to staff, barring further meetings with Ballard. Despite these developments, Ballard refuted claims of his diminished influence, citing ongoing engagements as evidence of his continued relevance.
Ripple’s Strategic Political Ties
Ripple’s political engagement predates this episode, with notable contributions to pro-Trump committees and significant donations, indicating a strategic approach to securing its interests within the political landscape. The company’s support of the Fairshake PAC further underscores its commitment to influencing policy.
Establishing a Digital Asset Reserve
In an intriguing follow-up to these events, on March 6, President Trump signed an executive order to create a federal “Digital Asset Stockpile.” This initiative, distinct from the previous reserve concept, focuses on purchasing and holding Bitcoin, marking a significant shift in policy.
Current Market Status
As of the latest update, the cryptocurrency XRP is trading at $2.29, reflecting market reactions to the unfolding developments. The chart analysis indicates a breakthrough above the 0.382 Fibonacci retracement level, suggesting potential trends for investors and traders.
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