Ripple Denies XRP Rumors, Trump Speculation Heats Up: Surge of 8.45%
- Ripple CLO denied rumors of Trump criticizing Ripple or an XRP reserve.
- XRP rallied 8.45% to $3.32 amid rising FUD and scrutiny.
- Analysts remain divided over XRPs future, with projections ranging from skepticism to optimism.
XRP took center stage as Ripples Chief Legal Officer, Stuart Alderoty, refuted claims that Donald Trump criticized Ripple for financially supporting Kamala Harris during the presidential election. The rumors intensified after a New York Post article hinted that Trump might back a reserve for U.S.-developed tokens like XRP, SOL, and USDC.
The Post reported Trump recently met with developers of these tokens to discuss the reserve. However, Unchained, a crypto media outlet, debunked the claims, labeling them untrue. It linked the speculation to a previous Axios report where Trump allegedly criticized a company for backing Harris instead of him. Though unnamed, Unchained suggested the company was Ripple, citing anonymous sources.
Ripples connections with Trump complicate the narrative. Ripple Chairman Chris Larsen donated over $10 million to support Harris, yet Alderoty contributed 624,000 Ripple tokens to Trumps reelection fund. Ripple also donated $5 million to Trumps inauguration and dined with him before he assumed office.
Alderoty dismissed the rumors, calling them pure fiction and questioned the motives behind such claims. Other Ripple community figures echoed his sentiments. Attorney John Deaton warned of an increase in FUD (fear, uncertainty, and doubt) against the altcoin following its price surge. He cited the tokens rally, 8.45% in 24 hours to $3.32, as a catalyst for misinformation campaigns.
Deaton urged the community to brace for potential challenges, including influencers promoting the token for their own financial benefit, a surge in FUD from non-XRP media outlets and influencers, and heightened public criticism from prominent figures in the cryptocurrency space.
XRP Critics Slam $10 Trillion Valuation as Unrealistic
Crypto Eri, a prominent Ripple supporter, criticized journalists for relying on anonymous sources, saying it undermines credibility. Pro-XRP analyst Zach Rector urged ignoring the rumors, predicting continued collaboration between Ripple and Trump.
Meanwhile, XRP faces scrutiny from skeptics like Rajat Soni, a Bitcoin maximalist. He dismissed projections of the token reaching $100 or $1,000 per coin as unrealistic. Soni argued that a $100 price would push the tokens market cap to $10 trillion, a feat he deems unattainable. Despite his skepticism, the altcoins recent performance has emboldened some to forecast higher values.
Ripples firm denial, combined with XRPs bullish momentum, highlights the assets resilience. At press time, the altcoins market cap stood at $191 billion, cementing its position as a top cryptocurrency.
Read more: https://www.tronweekly.com/ripple-denies-xrp-rumors-trump-speculation-heat/
Text source: TronWeekly
