Ripple's Chief Legal Officer (CLO), Stuart Alderoty, has found himself in the spotlight, firmly denying claims that President-elect Donald Trump criticized Ripple for its financial support of Kamala Harris. Yes, you heard that right. In a plot twist worthy of a soap opera, Ripple has been dragged into a political whirlpool, and Alderoty is having none of it.
The Controversy That Just Won't Quit
The drama kicked off with a report by Axios, which quoted Trump allegedly confronting some mysterious company about their support—or lack thereof—during the election. The rumor mill went into overdrive, with Unchained speculating that the unnamed company was none other than Ripple. Why? Well, it just so happens that Ripple co-founder Chris Larsen made headlines with his hefty donations to Harris's campaign, totaling a cool $11 million in XRP.
Larsen, a man with his eye on the future, had declared, "I believe Kamala Harris will ensure that American technology dominates the world, which is why I’m donating 10 million in XRP in support of her." Just a week prior, he had already sent 1 million worth of XRP her way. Naturally, this fueled speculation about Ripple's political leanings.
Pro-XRP lawyer Fred Rispoli couldn't resist a cheeky comment, suggesting, "Screw it, let’s see if she accepts the XRP her own administration says is an investment contract. Remember, this is only 0.0323% of Chris Larsen’s net worth." Clearly, Larsen's motivations are as intriguing as they are mysterious.
It's time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her. https://t.co/vb9KJA87JK
— Chris Larsen (@chrislarsensf) October 21, 2024
Alderoty Sets the Record Straight
In a classic move, Alderoty took to X (formerly Twitter) to slam the rumors as "pure fiction." With a flourish of sarcasm, he questioned the credibility of the reports, stating, "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?"
Alderoty's comments aimed to quash the swirling rumors, but not everyone was convinced. One user, Fishy Catfish, called out Ripple for not debunking other bullish rumors that have helped XRP maintain its market cap. "How come you aren’t debunking all the made-up rumors with unnamed sources that pump your XRP bags?" they quipped. Ouch.
Ripple's Strategic Moves
Amidst the controversy, Ripple announced plans to donate $5 million in XRP to Trump's inauguration fund. This move suggests Ripple's intention to support Trump's administration, likely in anticipation of pro-crypto policies. Talk about playing both sides!
Meanwhile, XRP, Ripple's native cryptocurrency, has been enjoying a little rally, rising nearly 8% since the Friday session opened. According to our data, XRP was trading at $3.33 at the time of writing. Analysts attribute this surge to the renewed attention on Ripple and its strategic positioning within both the Trump administration and the broader blockchain sector.
There are plenty of different motivations to explain this donation. Thinking it over more, IMO the best explanation is simply:
— Fred Rispoli (@freddyriz) October 11, 2024
Screw it, let's see if she accepts the #XRP her own administration says is an investment contract.
Remember, this is only 0.0323% of CL's net worth. https://t.co/1RhROIPN1s
The Ripple Effect
Despite the swirling rumors and political drama, Ripple seems to be holding its ground. With Alderoty's firm denial and Ripple's strategic donations, the company is navigating these choppy waters with aplomb. Whether it's donating to Harris or Trump, Ripple is clearly playing the long game, positioning itself as a key player in the crypto and political arenas.
In conclusion, while the rumors may be "pure fiction," as Alderoty puts it, they certainly add a layer of intrigue to Ripple's story. As XRP continues to climb, one thing is clear: Ripple knows how to keep us on the edge of our seats. So, grab your popcorn and stay tuned—this crypto drama is far from over!
Kataryna Habeliia
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