Ripple CEO’s Dinner with Trump Sparks Speculation While XRPUSD Bearish
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart
Alderoty attended a private dinner with President-elect Donald Trump on January
6. Garlinghouse shared details of the dinner on social media, describing it as
a “great dinner” and a “strong start to 2025,” according to bitcoin.com.
Meanwhile, XRPUSD has been bearish on the intraday charts
after producing a bullish inside bar on the daily chart yesterday (Wednesday).
Ripple’s Legal Battle with SEC Raises Questions
This meeting has led to speculation about Ripple’s ongoing
legal battle with the US Securities and Exchange Commission (SEC). The SEC
lawsuit, filed in December 2020, accuses Ripple of selling XRP tokens as
unregistered securities. The case is viewed as significant for the
cryptocurrency industry, with potential consequences for digital asset
regulation in the US.
Great dinner last night with @realDonaldTrump & @s_alderoty. Strong start to 2025! pic.twitter.com/UjM6lahUG4
— Brad Garlinghouse (@bgarlinghouse) January 8, 2025
Observers Link Trump Dinner to Possible End of Ripple SEC
Lawsuit
Industry observers have highlighted the timing of the
dinner, with some suggesting that the SEC lawsuit could soon end. Lawyer Jeremy
Hogan, a well-known figure in the Ripple case, posted on X, expressing a shift
in his stance on the matter.
Garlinghouse recently credited the Trump administration for
helping the US crypto market grow, noting Ripple’s recovery and an increase in
U.S. hiring. He pointed to Trump’s pro-crypto appointees, including Scott
Bessent, David Sacks, and Paul Atkins, as key factors in fostering innovation.
He also expressed optimism about the pro-crypto stance of the 119th Congress.
XRPUSD Faces Bearish Momentum After Bullish Inside Bar
XRPUSD formed a Bullish Inside Bar on the daily chart
yesterday, finding resistance around 2.39500. As of now, the intraday charts
are bearish, with the price moving downward with strong momentum. The 2.26000
level may act as support, though a bearish breakout could push the price lower.
Japan’s Banks to Adopt Ripple’s XRP
In 2025, every
bank in Japan is set to adopt Ripple’s XRP Ledger, signaling a major shift
in financial technology. Announced by SBI CEO Yoshitaka Kitao, the integration
with the Interledger Protocol aims to streamline cross-border payments
and simplify currency conversions.
The XRP Ledger is viewed as a cost-effective and efficient
tool for international remittances, potentially modernizing global banking
systems. The integration of XRP into Japan’s $6.372 trillion banking sector
could influence its market performance. A 1% adoption rate might increase XRP’s
market capitalization by $63.72 billion, raising its price to $3.50. A 10%
adoption rate could drive its price up to $13.48. These projections highlight
the potential impact of XRP’s broader adoption.
This article was written by Tareq Sikder at www.financemagnates.com.