Ripple’s recent contribution of $25 million to Fairshake Super PAC is a significant move that aims to bolster its influence in U.S. politics and potentially impact the price of XRP.
This donation reflects Ripple’s ongoing efforts to sway legislative support in favor of cryptocurrency, particularly in light of its legal battles with the SEC.
Ripple, a prominent player in the digital payments industry, has provided $25 million to Fairshake, a Super PAC that advocates for bipartisan Congressional candidates who are supportive of cryptocurrency innovation in the United States. Fox News reported on this donation, highlighting the critical time for the crypto sector as it strives to establish a favorable regulatory framework and expand its political reach.
Collin Browns, a well-known figure in the crypto community, emphasized Ripple’s intensified political efforts in a recent tweet, stating that Ripple has doubled down on its political influence by donating another $25 million to Fairshake Super PAC. This move amplifies the voices of the crypto industry as it gears up for the November elections. Ripple CEO Brad Garlinghouse also stressed the importance of educating voters about the future role of crypto, noting that the industry now has over $110 million in its war chest, positioning it at a pivotal moment.
Ripple is actively ramping up its political initiatives to foster a pro-cryptocurrency environment in Congress during the current election cycle. This $25 million donation to Fairshake marks Ripple’s second contribution of the same amount within a year, bringing the total to $50 million. With this substantial support, Ripple becomes Fairshake’s primary donor, significantly boosting the political war chest of the crypto industry to over $110 million. Brad Garlinghouse has expressed that these contributions aim to inform voters about cryptocurrency’s potential impact and counter the anti-crypto stance held by some policymakers in Washington.
These political contributions from Ripple also serve to navigate the company’s legal disputes with the SEC, which has accused Ripple of illegally selling XRP. These conflicts highlight the tensions between the crypto industry and regulatory authorities. Recent developments, such as bipartisan support for crypto-friendly legislation and the Senate overturning an SEC rule that restricted crypto’s banking access, indicate a shift in regulatory attitudes following the FTX collapse.
Amidst the evolving political and regulatory landscapes, there is speculation about whether XRP can 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 is trading at $0.5241, experiencing a slight decline of 0.38% over the past day and 0.73% over the past week. The combination of this transactional momentum, 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.