Ripple’s recent $25 million contribution to Fairshake Super PAC is a significant move that aims to strengthen its influence in U.S. politics and potentially impact the price of XRP.
The donation reflects Ripple’s ongoing efforts to sway legislative support in favor of cryptocurrency, especially amidst its legal battles with the SEC.
Ripple, a prominent player in the digital payments industry, has generously donated $25 million to Fairshake, a Super Political Action Committee that advocates for bipartisan Congressional candidates who support cryptocurrency innovation in the United States. Fox News reported on this contribution, emphasizing its importance during a crucial period for the crypto sector as it strives to establish a favorable regulatory framework and increase its political influence.
Collin Brown, a well-known figure in the crypto community, highlighted Ripple’s intensified political efforts through a tweet, stating that Ripple is doubling down on its political influence by donating an additional $25 million to Fairshake Super PAC. This move amplifies the voices of the crypto industry as the November elections approach. Ripple’s CEO, Brad Garlinghouse, emphasizes the significance of educating voters about the future role of crypto. He also mentions that the industry now has over $110 million in its war chest, positioning it at a pivotal moment.
Ripple is actively engaging in political initiatives to create a pro-cryptocurrency environment within Congress during the current election cycle. The $25 million donation to Fairshake is the second of its kind within a year, totaling $50 million. This substantial support establishes Ripple as Fairshake’s primary donor, significantly bolstering the political resources of the crypto industry to over $110 million. Brad Garlinghouse explains that these contributions aim to educate voters about the potential impact of cryptocurrency and counter the anti-crypto stance held by some policymakers in Washington.
Ripple’s political engagement is also driven by the desire to navigate the regulatory challenges it faces due to its legal disputes with the SEC. The SEC accuses Ripple of illegally selling XRP, highlighting 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 access to banking services, indicate a shift in regulatory attitudes following the collapse of FTX.
As the political and regulatory landscapes continue to evolve, there is speculation about whether XRP can reach the $1 threshold. A recent report by CNF reveals that 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.
This increase in transactional activity, combined with Ripple’s intensified political lobbying and favorable legislative developments, raises questions about the potential for these factors to collectively drive XRP’s price to $1 or even higher.