US Election Jitters Impact Cryptocurrency Market
Elon Musk’s Views on XRP Ledger
Elon Musk sparked discussions within the crypto community with his recent comments on the XRP Ledger. When asked about the potential use of XRPL by financial institutions, the CEO of Tesla (TSLA) stated,
“While this is not an explicit endorsement of XRP, I believe that cryptocurrencies, by their very essence, promote individual freedom.”
As Ripple prepares for legal battles with the SEC, the company is advocating for bipartisan support for cryptocurrencies. Ripple’s CEO, Brad Garlinghouse, emphasized the importance of candidates acknowledging the significance of crypto and blockchain technology to retain voter support.
The ongoing US Presidential Election shows indications favoring Donald Trump’s re-election. While investors view Trump’s stance on crypto positively, concerns about inflation as a result of his broader policies could impact the Federal Reserve’s monetary policy decisions.
SEC vs Ripple: Impact on XRP
The XRP’s fall below the $0.52 mark on Wednesday marked a notable surge in volatility in the cryptocurrency market. This decline was last observed on October 3 after the SEC’s Notice of Appeal against Ripple.
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