Ripple’s complete holdings of XRP have exploded in worth by some $125 billion since election day.
That outstanding statistic underscores the diploma to which American crypto companies have benefited from Donald Trump’s re-election—and presents one rationalization as to why they’ve so enthusiastically thrown their assist behind the president-elect’s incoming administration.
In accordance with Ripple’s most up-to-date monetary disclosures, the corporate holds some 4.44 billion XRP in liquid property. It additionally oversees practically 39 billion XRP presently in escrow. XRP was developed by Ripple’s founders in 2012.
On the eve of the 2024 presidential election, XRP was price $0.50. Since then, it has exploded in worth. This week, the token got here inside inches of its all-time excessive worth of $3.40, hitting $3.38 earlier at the moment.
All instructed, Ripple’s reported stash of XRP is now price some $146.48 billion {dollars}; in November, it was price about $21 billion.
That historic turnaround is thanks in no small half to Ripple’s aggressive marketing campaign—together with different main American crypto companies—to alter U.S. crypto coverage by influencing the 2024 election.
Final yr, Ripple, together with Coinbase and Andreessen Horowitz, led a $300 million, tremendous PAC-driven cost to reverse crypto’s flagging regulatory fortunes and switch the {industry} into one in every of Washington’s key energy facilities.
The marketing campaign was remarkably profitable. Almost each candidate supported by crypto tremendous PACs received election in November, and the incoming federal authorities appears poised to fully change its tune on crypto’s once-questioned legality.
Because the election, President-elect Trump has signaled his intention to assist crypto by a number of means. He’s anticipated to signal a number of pro-industry government orders as quickly as he takes workplace on January 20.
Within the weeks main as much as Trump’s swearing-in, crypto companies have lined as much as curry favor with the incoming administration, notably by shelling out thousands and thousands to his inauguration fund.
Ripple gave extra to the Trump inaugural fund than every other crypto donor: $5 million.
A drop within the bucket, within the scheme of issues.
