TLDR
- Ripple’s leadership categorically denied reports of tension with Trump over campaign funding
- XRP reached $3.40, marking its highest value since 2017
- Network activity showed unprecedented levels with 2,365+ large transactions
- Trump and Garlinghouse’s January 6th dinner sparked market speculation
- Documents show Ripple maintained diverse political contributions across party lines
The cryptocurrency market witnessed notable activity as XRP’s price climbed to $3.40, while Ripple executives worked to dispel rumors about political tensions with former President Donald Trump.
The price movement came amid speculation about XRP’s potential inclusion in a theoretical national cryptocurrency reserve, an idea that gained traction following reports from the New York Post about Trump’s openness to American-based digital currencies.
Market data revealed unprecedented network activity, with more than 2,365 transactions exceeding $100,000 each, indicating strong institutional interest during the price surge.
A dinner meeting between Trump and Ripple CEO Brad Garlinghouse on January 6th became the center of attention after reports emerged suggesting discord over past political donations. These claims were quickly addressed by Ripple’s Chief Legal Officer Stuart Alderoty.
“The claims circulating about tension between our company and the former president are pure fiction,” Alderoty stated on social media, directly challenging reports published by crypto news outlet Unchained.
The controversy stemmed from allegations that Trump expressed dissatisfaction with Ripple’s political contributions, particularly those made by co-founder Chris Larsen to committees supporting Kamala Harris.
Company records paint a more complex picture of Ripple’s political engagement. While Larsen did support Harris, documentation shows substantial Republican backing, including a $300,000 donation from Alderoty to Trump’s campaign.
Ripple spokesperson Susan Hendrick confirmed the January 6th meeting between Garlinghouse and Trump but dismissed claims about the company spreading rumors of Trump’s support for XRP. “These allegations have no basis in fact,” Hendrick told reporters.
The crypto community’s response to the controversy was swift. Attorney John Deaton questioned the reliability of anonymous sources, stating,
“We’re seeing claims based on secondhand guesses about private conversations. This isn’t journalism.”
The timing overlaps with Ripple’s legal challenges, as the SEC recently appealed Judge Analisa Torres’s 2023 ruling that XRP trading on cryptocurrency platforms didn’t constitute securities transactions.
Garlinghouse has maintained a practical stance on political engagement, emphasizing the need for balanced crypto regulation. “The industry needs clear rules that foster innovation while protecting investors,” he stated during a recent press conference.
The market response to these events has been notable, with trading volumes reaching levels not seen since 2017. Institutional investors showed particular interest, as evidenced by the high number of large-value transactions.
Photos of the Trump-Garlinghouse dinner circulated on social media, adding fuel to market speculation about potential policy changes regarding digital assets.
The conversation about including cryptocurrencies in national reserves marks a shift in how digital assets are being considered at the highest levels of government and finance.
These developments occur as the broader cryptocurrency industry faces evolving regulatory frameworks and increased institutional adoption.
Current market data suggests sustained interest in XRP, even as the political controversy subsides and attention returns to fundamental market factors.
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