Ripple, a leading digital payments giant, recently made a significant contribution of $25 million to Fairshake Super PAC, highlighting its commitment to influencing U.S. politics and potentially impacting the price of XRP. This move comes as Ripple continues to navigate legal battles with the SEC and strives to garner legislative support for the cryptocurrency industry.
In a bid to promote bipartisan Congressional candidates who support cryptocurrency innovation, Ripple’s donation to Fairshake underscores the current critical phase for the crypto sector in shaping regulatory frameworks and expanding its political presence. Collin Brown, a prominent figure in the crypto community, emphasized Ripple’s increased political efforts, including another $25 million donation to Fairshake Super PAC, as the industry prepares for the upcoming November elections.
With industry voices being amplified, Ripple CEO Brad Garlinghouse stresses the importance of educating voters about the role of crypto, with a significant amount of funds now available in the crypto war chest. This strategic political engagement by Ripple aims to create a favorable environment in Congress for the crypto industry during the election cycle, with the company now being Fairshake’s primary donor with a total contribution of $50 million.
Amid ongoing legal disputes with the SEC over the alleged illegal sale of XRP, Ripple’s political contributions seek to address regulatory challenges and improve relations between the crypto sector and governmental authorities. Recent positive developments, such as bipartisan support for crypto-friendly legislation and the Senate’s reversal of an SEC rule restricting crypto’s banking access, indicate a shift in regulatory attitudes following significant incidents like the FTX collapse.
As discussions around XRP’s potential to reach the $1 mark intensify, factors such as the surge in daily transactions on the XRP Ledger and Ripple’s enhanced political lobbying efforts raise speculation about whether these elements combined can drive XRP’s price upwards. Currently trading at $0.5241, XRP has experienced slight fluctuations in price, prompting questions about its future price trajectory.
