Ripple CLO Denies Trump Conflict Claims as XRP Reaches $3.40

TLDR

• Ripple’s Chief Legal Officer Stuart Alderoty firmly denied rumors of conflict with Trump over political donations to Kamala Harris, calling the claims “pure fiction”
• XRP price reached a 7-year high of $3.40 amid speculation about inclusion in a potential US national crypto reserve
• Over 2,365 XRP transactions valued at over $100K each were recorded during the price surge
• Trump and Ripple CEO Brad Garlinghouse met for dinner on January 6th, generating speculation about potential policy shifts
• While Ripple co-founder Chris Larsen supported Harris, the company primarily backed Republican candidates, with Alderoty donating $300,000 to Trump’s campaign

The recent surge in XRP’s price to a seven-year high has been accompanied by controversy over alleged political tensions between former President Donald Trump and Ripple, which were strongly denied by company executives.

Ripple’s Chief Legal Officer Stuart Alderoty took to social media to address rumors that Trump had criticized the company for past campaign donations to Kamala Harris. “The rumors published by this third-tier crypto rag are pure fiction. Completely made up,” Alderoty posted on X.

Wow, unnamed sources? Here’s a named source: me. The rumors published by this 3rd-tier crypto rag are pure fiction. Completely made up.

Wonder who’s behind this?

— Stuart Alderoty (@s_alderoty) January 16, 2025

The speculation began after a report by Unchained claimed insider sources revealed a heated exchange between Trump and Ripple executives. The report alleged Trump expressed disappointment over the company’s lack of support for his administration and highlighted donations made by Ripple co-founder Chris Larsen to political action committees supporting Harris.

Adding to the mix of news, the New York Post published a report suggesting Trump was considering including non-Bitcoin American cryptocurrencies, such as XRP, in a national reserve. This report coincided with XRP reaching $3.40, its highest price point in seven years.

During this period, XRP usage saw a sharp uptick, with more than 2,365 transactions valued at over $100,000 each being processed on the network.

Ripple’s CEO Brad Garlinghouse met with Trump for dinner on January 6th, generating additional speculation about potential policy changes. While the meeting was confirmed, no official statements about policy decisions were released.

Susan Hendrick, a Ripple representative, confirmed the meeting between Garlinghouse and Trump but denied allegations that Ripple was behind rumors about Trump supporting XRP. “All those allegations are lies,” she stated when questioned by Unchained.

I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S.

We need to immediately change course from this administration’s misguided war on crypto.

Ripple will continue to engage with both Democrats and Republicans in the final days of…

— Brad Garlinghouse (@bgarlinghouse) October 21, 2024

The controversy has highlighted the complex relationship between cryptocurrency companies and political donations. While Ripple co-founder Chris Larsen did support Harris financially, company records show Ripple primarily backed Republican candidates, with Alderoty personally contributing $300,000 to Trump’s campaign.

Attorney John Deaton, a prominent figure in the XRP community, criticized the quality of reporting around the controversy.

“Let me get this straight, a person who was not at the meeting told another person that they were guessing what may have been said at the meeting?” Deaton wrote on X.

The timing of these events coincides with Ripple’s ongoing legal battle with the SEC. The regulatory body recently appealed a 2023 decision by US District Judge Analisa Torres, which ruled that XRP sales on cryptocurrency trading platforms did not constitute securities transactions.

Brad Garlinghouse has maintained a balanced approach to political engagement, emphasizing that crypto policy should transcend party lines. “We need to immediately change course from this administration’s misguided war on crypto,” Garlinghouse stated.

The surge in XRP’s price followed broader market speculation about cryptocurrency inclusion in government reserves. The possibility of expanding beyond traditional assets like gold to include digital currencies has sparked interest across the crypto industry.

Trump’s dinner meeting with Ripple executives was documented with a photo shared on social media, further fueling market speculation and contributing to XRP’s price movement.

The controversy occurs as the cryptocurrency industry faces increased scrutiny from regulators and growing interest from traditional financial institutions.

This interplay of politics, regulation, and market dynamics continues to shape the cryptocurrency landscape, with companies like Ripple navigating complex relationships with political figures and regulatory bodies.

The post Ripple CLO Denies Trump Conflict Claims as XRP Reaches $3.40 appeared first on Blockonomi.