Ripple spends $1 million to support pro crypto US Senate candidate as XRP tests $0.57
- 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.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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