Donald Trump's recent social media post about a US crypto reserve featuring XRP, Solana ($SOL), and Cardano $ADA has sparked controversy. According to reports, Trump was allegedly fed a script by lobbyist Brian Ballard, who has ties to Ripple Labs. Trump later expressed frustration, feeling played, and reportedly said Ballard was "not welcome anywhere anymore".
The Background
Trump's relationship with Ripple dates back to Ripple's chief legal officer, Stuart Alderoty, donating over $300,000 to Trump's 2024 campaign. Additionally, Ripple's CEO, Brad Garlinghouse, met with Trump in January and attended inauguration events. Ripple also donated $5 million in XRP to Trump's inaugural fund.
Crypto Reserve Plans
Despite the controversy, Trump's executive order to establish a "Digital Asset Stockpile" on March 6 is moving forward. The plan aims to create a regulatory framework for digital assets and potentially include American-founded cryptocurrencies like XRP.
$XRP Market Performance
XRP's price has remained steady, trading at $2.31 with a 6.14% increase in the last 24 hours. The token's market capitalization stands at $125.19 billion. XRP's price didn't flinch after the May 8 report, indicating a potentially positive outlook for the cryptocurrency ¹.
Ripple CEO's Vision
Brad Garlinghouse has expressed his support for a diversified digital asset reserve, including XRP, Bitcoin, and other cryptocurrencies. He believes the crypto industry should collaborate rather than compete, promoting a multichain universe ².
What's Next?
The future of the US crypto reserve and XRP's role in it remains uncertain. As the situation unfolds, Binance users should stay informed about market developments and regulatory updates. Will XRP continue to play a significant role in Trump's crypto plans? Only time will tell
