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Shortly after taking office, former President Donald Trump signed an executive order to form a Presidential Working Group. The group’s main goal is to develop a federal regulatory framework for digital assets and consider the creation of a national “digital assets stockpile,” as reported by FOX Business’ Eleanor Terrett.
US To Accumulate XRP?
While the conversation around Donald Trump potentially creating a Bitcoin reserve continues to make waves, now there’s an intriguing new development. Ripple’s CEO, Brad Garlinghouse, has added a fresh perspective, suggesting that the U.S. government might one day choose to accumulate XRP tokens. This could significantly enhance Ripple’s adoption, and more importantly, it could drive a positive surge in XRP’s price.
Although Garlinghouse hasn’t specifically connected XRP to the reserve topic, speculation continues to grow. Could the current situation pave the way for XRP to reach a $100 price target?
Ripple CEO Garlinghouse has highlighted the need for clearer crypto regulations, saying Ripple’s work could help make that happen. This has led to higher expectations for the Ripple token’s price. The Ripple team also met with Donald Trump before, suggesting they may have been lobbying.
Recently, Trump decided to create a digital asset stockpile instead of a Bitcoin reserve, which could be a result of this lobbying. However, the involvement in political donations has raised some concerns among investors.
The Biggest Obstacle For Bitcoin Reserve
In a recent X post, Pierre Rochard, shared that “the biggest obstacle for the Strategic Bitcoin Reserve is not the Fed, Treasury, banks, or Elizabeth Warren. It’s Ripple/XRP. They are aggressively lobbying against the SBR by throwing around $millions at politicians, desperately trying to derail it.”
He noted that under the Biden administration, similar efforts were made to target Bitcoin mining and added that Ripple and others are focused on protecting their own narratives, while pushing for CBDCs built on their platform.
Garlinghouse Denies
However, Garlinghouse denied the accusations and stated that Ripple is working towards the same goal as the rest of the crypto community: creating a crypto strategic reserve, including Bitcoin.
“Unless you are choosing to ignore the core tenants of the POTUS campaign (which aggressively supports American companies and technologies), our efforts are actually INCREASING the likelihood of a crypto strategic reserve (which includes bitcoin).”
Focus On American Founded Crypto
Interestingly, a previous report from the New York Post suggested that the Trump administration was looking to set up a system that would prioritize American-founded crypto assets, which would include XRP, Solana and USDC.
While his past comments suggest a crypto reserve might be possible, he hasn’t specifically mentioned Bitcoin or XRP. The buzz around XRP is increasing, especially with the focus on American-founded digital assets like Ripple. This could boost the XRP price to new highs amid rising hype.
XRP is currently trading at $3.14, in consolidation despite strong demand. While speculation about XRP accumulation is positive, there is no confirmation about the news yet. A more realistic target for XRP would be $5 to $20 by the end of Q1 2025, based on past trends and current market conditions.