Donald Trump’s meme token made him a crypto billionaire
According to Axios, Donald Trump’s new meme token became the first US president to make him a crypto billionaire, with his current holdings exceeding $58 billion.
No Brands – News Value
XRP prices after 4pm yesterday (Cryptography: XRP) As of 3pm today, it is trading 7.4% higher. There may be a rise in tokens, such as bullish sentiment in the crypto sector, and there are several reasons, including more positive news about the Securities and Exchange Commission (SEC) previous lawsuit against Ripple, the company behind XRP.
XRP and SEC are trying to solve
Major market indexes and many cryptocurrencies have recovered as markets were repeated today, as Israel attacked Iran’s nuclear and military facilities.
XRP also appears to have benefited from recent news about a settlement between the SEC and Ripple. Once President Donald Trump began his second term, the SEC began withdrawing large lawsuits against crypto companies due to the Trump administration’s custody capabilities. In 2020, the SEC sued Ripple and its founder in 2013, allegedly selling XRP as unregistered security.
Earlier this year, the SEC announced it would withdraw its appeal in the case, but prior to that, a federal judge had determined that Ripple would need to pay the SEC a $125 million fine. However, both sides recently submitted letters to release these funds to escrow, demanding that $75 million be sent back to Ripple and only $50 million be sent to the SEC.
It has a strong momentum, but still volatile
With over four years of legal battle with the SEC completed, XRP and Ripple look forward to including a much better regulatory regime, cross-border capabilities and business expansion, and the final launch of the Spot XRP Exchange-Traded Funds (ETF).
However, XRP remains in a smaller and more speculative position for now, as Trump is still very unstable and has already enjoyed strong benefits as he is elected and remains very unstable.
Bram Berkowitz has a position in XRP. Motley Fool has a position in XRP and recommends. Motley Fools have a disclosure policy.
The Motley Fool is a partner at USA Today, providing financial news, analysis and commentary designed to help people control their financial lives. The content is produced independently of USA Today.
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