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A bombshell report by Politico on Thursday has shed light on the behind-the-scenes lobbying that triggered XRP’s explosive price rally on March 2. That morning, XRP was trading steadily around $2.23 before skyrocketing 24% within 75 minutes after Donald Trump’s surprise announcement of a US “crypto strategic reserve” that included XRP alongside two other altcoins. The announcement sent XRP’s market capitalization soaring by $44 billion, hitting $173 billion before noon.
Ripple’s Lobbyist Tactics Exposed
According to Politico, the rally wasn’t merely driven by Trump’s endorsement. Ripple’s lobbying efforts played a pivotal role. A female employee from Brian Ballard’s lobbying firm reportedly drafted Trump’s Truth Social post, persistently persuading him to publish it. Ripple was a client of Ballard’s firm at the time, raising questions of conflict of interest. When Trump became aware of the lobbying effort, he distanced himself from Ballard and his staffer, Susie Wiles, barring them from future engagements. The move, however, came too late. XRP had already surged by billions, delivering a windfall for Ripple.
Also Read: Ripple Not Suppressing XRP Price, Legal Expert Bill Morgan Debunks Viral Claim
Political Winds Favor XRP
This isn’t the first time XRP has benefited from political maneuvers. On November 15, 2024, Ripple CEO Brad Garlinghouse’s unconfirmed meeting with then-President-elect Trump sparked a 17% rally for XRP. On March 19, XRP surged again after Garlinghouse announced that the SEC would drop its long-standing lawsuit against Ripple, a move widely seen as a political concession. Despite these gains, Ripple’s political ties remain complex. Co-founder Chris Larsen previously donated $11 million worth of XRP to Kamala Harris’ campaign, aligning with Democrats before Trump’s resurgence.
Despite Trump’s eventual distancing from Ripple’s lobbyists,the coin continues to ride a wave of political influence, further highlighting the growing intersection of cryptocurrency and political power in the United States.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
