In a recent development for the XRP community, Ripple Labs has donated $1 million to the Commonwealth Unity Fund, a super political action committee (PAC) founded by pro-crypto lawyer James Murphy, also known as MetaLawMan. This PAC is dedicated to unseating Senator Elizabeth Warren, a vocal critic of the cryptocurrency industry, and electing John Deaton, a well-known advocate for XRP, to the Senate.
Ripple’s Strategic Move
FOX Business Journalist Eleanor Terrett reported the politics behind this move. Interestingly, Ripple’s $1 million contribution to the Commonwealth Unity Fund shows the company’s strategic plan to influence U.S. politics in favor of the crypto industry.
James Murphy, the PAC’s founder, has voiced the importance of this election for the future of cryptocurrency regulation and has contributed $50,000 to the PAC. He is rallying the crypto community to support Deaton’s Senate campaign to end decade-long SEC manipulation. Brad Garlinghouse and Chris Larsen, Ripple executives, also gave Deaton the maximum $6,600 campaign contribution in April. Politico reported that Attorney Deaton had raised $1.26 million by April, mostly from crypto supporters.
On the other hand, Warren raised over $1.1 million in the first quarter from 29,622 donors and 51,888 gifts, with 99 percent under $100. Her average donation was $22. The fundraising superstar’s campaign claims she has over $4.4 million.
Moreover, the PAC has received a total of $1,050,020 in donations, with $909,405 remaining as of June 30. This financial support is crucial for the campaign to challenge Senator Warren’s position on cryptocurrency regulations.
XRP Price Trends and ETF Speculations
Meanwhile, XRP’s price has risen, trading at $0.54, up 3% in the past 24 hours. This increase follows the announcement by the Chicago Mercantile Exchange (CME) and CF Benchmarks of new reference rates and real-time indices for XRP, fueling speculation about a potential XRP ETF. Plus, Ripple CEO Brad Garlinghouse has hinted at positive developments for a spot ETF, further boosting investor interest.
The recent rally in XRP’s price is also linked to the broader market anticipation of the upcoming Ethereum ETF and the general bullish sentiment in the crypto market. With increased trading volume and a 56% rise in the past 24 hours, XRP’s price reflects growing optimism among traders and investors.
As the battle for the Senate seat heats up and XRP continues to climb, the crypto community remains on edge, watching for further developments in both the political and financial arenas.
Also Read: Crypto Crowd ‘FOMO’ing These Altcoins: Litecoin (LTC) & Ripple (XRP) Price May Trigger a Bull Run Soon
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