Potential Changes in Digital Asset Policy 🏦
Shortly after assuming the presidency, former President Donald Trump established an executive order to initiate a Presidential Working Group. This group is tasked primarily with formulating a federal regulatory structure for digital assets and exploring the idea of forming a national “digital assets stockpile,” as reported by FOX Business’ Eleanor Terrett.
Could the U.S. Consider Accumulating XRP? 🤔
The ongoing discussions surrounding Donald Trump’s potential establishment of a Bitcoin reserve have evolved, introducing a captivating new perspective. Ripple’s CEO, Brad Garlinghouse, has put forth the idea that the U.S. government might contemplate accumulating XRP tokens in the future. This move could lead to a notable increase in XRP’s acceptance and potentially stimulate a favorable upward trend in its value.
Garlinghouse has not directly associated XRP with the reserve concept, but speculation is intensifying. Is it feasible for this scenario to set the stage for XRP to achieve a price target of $100?
Moreover, Garlinghouse has emphasized the necessity for clearer regulations in the crypto sector, asserting that Ripple is actively contributing toward this goal. This perspective has consequently raised expectations for the future price of Ripple’s token. Notably, the Ripple team previously engaged with Donald Trump, hinting at possible lobbying efforts on their part.
Recently, Trump opted for the creation of a digital asset stockpile instead of a Bitcoin reserve, potentially influenced by these lobbying endeavors. However, concerns have arisen among investors due to political contributions involved in this scenario.
The Key Challenge for Bitcoin Reserves ⚔️
In a recent post on a platform, Pierre Rochard noted that the primary hindrance for the Strategic Bitcoin Reserve is not entities like the Federal Reserve, the Treasury, banks, or even politicians such as Elizabeth Warren. He pointed to Ripple/XRP, stating that they are vigorously lobbying against the Strategic Bitcoin Reserve by utilizing millions to influence politicians, seemingly attempting to undermine it.
Rochard further elaborated that, under the Biden administration, there were similar initiatives aimed at Bitcoin mining. He indicated that Ripple and other participants are primarily focused on defending their narratives while advocating for Central Bank Digital Currencies (CBDCs) based on their platforms.
Garlinghouse’s Refutation of Claims 🛡️
Nevertheless, Garlinghouse has countered these allegations, affirming that Ripple is pursuing objectives aligned with the broader goals of the crypto community: the establishment of a strategic crypto reserve that encompasses Bitcoin.
“Unless you are choosing to ignore the core tenants of the POTUS campaign (which aggressively supports American companies and technologies), our efforts are actually increasing the likelihood of a crypto strategic reserve (which includes Bitcoin).”
Emphasis on American-Centric Cryptocurrencies 🇺🇸
Interestingly, a prior report from a prominent news outlet indicated that the Trump administration seeks to create a framework prioritizing cryptocurrencies founded in America, encompassing assets like XRP, Solana, and USDC.
Although past statements have implied the possibility of a crypto reserve, neither Bitcoin nor XRP has been explicitly mentioned. However, the anticipation surrounding XRP is notably growing, particularly with the spotlight on American-origin digital assets such as Ripple. This environment could propel XRP’s price to greater heights amid increasing speculation.
At present, XRP is trading around $3.14, showing signs of consolidation despite robust demand. While optimism regarding XRP accumulation is rising, the situation remains unconfirmed. A more realistic projection for XRP’s value could aim for a range between $5 to $20 by the close of Q1 2025, based on previous trends and the current market landscape.
Hot Take 🔥
In evaluating the current landscape of digital assets and regulatory movements, the implications could be profound. As discussions evolve, especially concerning government involvement in cryptocurrencies, the reactions from the market and investor sentiment will be crucial to observe. Stay attuned to how these developments may influence the trajectory of various digital assets, particularly XRP, in the coming months.
By
By
By