Ripple Donates $25M to Super PAC, Amplifies Crypto Influence in Congress – Can it Push XRP Price to $1?
- Ripple’s $25 million contribution to Fairshake Super PAC marks a significant step to enhance its influence in U.S. politics and could impact the XRP price.
- This donation intensifies Ripple’s efforts to sway legislative support in favor of cryptocurrency, amidst its ongoing legal battles with the SEC.
Ripple, the digital payments giant, has contributed $25 million to Fairshake, a Super Political Action Committee (Super PAC) that promotes bipartisan Congressional candidates supportive of cryptocurrency innovation in the U.S. As reported by Fox News, this donation underscores a critical period for the crypto sector as it endeavors to establish a favorable regulatory framework and expand its political reach.
A notable figure in the crypto community, Collin Browns, highlighted Ripple’s intensified political efforts in a recent tweet: Ripple doubles down on political influence, donating another $25M to Fairshake Super PAC.
#Ripple doubles down on political influence, donating another $25M to Fairshake Super PAC. As crypto gears up for the November elections, this move amplifies industry voices. CEO BradGarlinghouse emphasizes the importance of educating voters on crypto’s future role. With over… pic.twitter.com/cTMKkoHbrK
— Collin Brown (@CollinBrownXRP) May 29, 2024
As crypto gears up for the November elections, this move amplifies industry voices. Ripple CEO Brad Garlinghouse also stresses the importance of educating voters about the future role of crypto, noting that over $110M is now in the crypto war chest, positioning the industry at a pivotal moment.
Ripple’s Political Engagement
Ripple is actively boosting its political initiatives to cultivate a pro-cryptocurrency environment in Congress for the current election cycle. This $25 million donation to Fairshake marks Ripple’s second contribution of the same amount within a year, totaling $50 million.
Such substantial support positions Ripple as Fairshake’s primary donor, significantly swelling the political war chest of the crypto industry to over $110 million. Brad Garlinghouse, CEO of Ripple, has expressed that these contributions aim to enlighten voters about cryptocurrency’s potential impact and counter the anti-crypto stance prevalent among some policymakers in Washington.
Navigating Regulatory Challenges
Ripple’s political contributions aim to mitigate its legal disputes with the SEC, which accuses the company of selling XRP illegally. These conflicts underscore the friction between the crypto industry and regulatory authorities.
Recent developments, including bipartisan support for crypto-friendly legislation and the Senate overturning an SEC rule that restricted crypto’s banking access, indicate a softening of regulatory attitudes following the FTX collapse.
Can Push XRP Price to $1?
As the political and regulatory landscapes evolve, there is growing speculation about XRP’s ability to reach the $1 threshold. According to a recent CNF report, the XRP Ledger’s daily transactions surged by 113% in the first quarter of 2024, totaling 2.7 million. Currently, XRP trades at $0.5241, experiencing a slight decline of 0.38% over the past day and 0.73% over the past week.
This transactional momentum, coupled with Ripple’s intensified political lobbying and favorable legislative developments, raises questions about whether these factors can collectively drive XRP’s price to $1 or beyond.
