Ripple extends gains amidst payment firm’s $1 million donation to pro-XRP attorney John Deaton
- Ripple spent $1 million to support pro-crypto attorney John Deaton in his political campaign as Massachusetts' next senator.
- John Deaton is campaigning against Senator Elizabeth Warren who says crypto is mechanism for money laundering, illicit activities.
- XRP extends gains on Tuesday, tests $0.57.
Ripple (XRP), the cross-border payment remittance firm, has pledged $1 million to the Political Action Committee (PAC) that supports Attorney John Deaton’s campaign against Senator Elizabeth Warren in the state of Massachusetts.
Pro-XRP attorney John Deaton supported Ripple and XRP holders as amici or friend of the court in the lawsuit filed by the US Securities & Exchange Commission (SEC).
Daily digest market movers: Ripple supports pro-XRP attorney in campaign, lawsuit ruling awaited
- XRP traders are awaiting a ruling in the SEC vs. Ripple lawsuit where the regulator alleges that the payment remittance firm has violated securities laws by selling XRP tokens to institutional investors.
- Reporter Eleanor Terret shared the details in a tweet on X:
SCOOP: @Ripple has donated $1M to the Commonwealth Unity Fund, a new super PAC set up by attorney James Murphy aka @MetaLawMan, to unseat @SenWarren and elect @JohnEDeaton1 as Massachusetts’ next Senator. Murphy donated $50K.
— Eleanor Terrett (@EleanorTerrett) July 15, 2024
More details and story to come. pic.twitter.com/32kadpAkE1
- Attorney Fred Rispoli told investors that it is likely that the lawsuit ends before July 31, 2024.
- Ripple Labs made a $1 million investment to support pro-crypto candidate John Deaton in his campaign against Senator Elizabeth Warren.
- Senator Warren has had a cautious stance on crypto and warns investors against the risk of money laundering and illicit activities.
- Senator Warren had called for a crackdown on crypto, inviting criticism from pro-XRP attorney John Deaton.
Technical analysis: Ripple could extend gains by 11%
Ripple is currently in an upward trend, forming higher highs and higher lows, as seen in the XRP/USDT daily chart. The altcoin is likely to extend gains by 11% and XRP could rally to $0.6058.
The $0.60 level coincides with the 61.8% Fibonacci retracement of the decline from March 11 top of $0.7440 to the July 5 bottom of $0.3823, at $0.6058.
The momentum indicator, the Moving Average Convergence Divergence (MACD), supports gains in XRP and shows there is underlying positive momentum in Ripple’s uptrend.
XRP/USDT daily chart
Ripple could find support at $0.5205, the 38.2% Fibonacci retracement level of the drop between March 11 and July 5.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
