As a seasoned financial analyst with a deep understanding of the crypto market and its intricacies, I find this development between Ripple’s donation to the Commonwealth Unity Fund and the surge in XRP price noteworthy.
For the XRP enthusiasts, a noteworthy development: Ripple contributes $1 million to the recently established Commonwealth Unity Fund, overseen by attorney James Murphy, who goes by the moniker MetaLawMan within crypto circles.
Ripple Contributes To Directly Support Pro-XRP John Deaton
A super PAC named Commonwealth Unity Fund, founded by James Murphy this year, received a significant $1 million contribution from Ripple Labs. The primary objective of this political action committee is to support the election of John Deaton against anti-crypto Senator Elizabeth Warren in the upcoming Senate race.
James Murphy, also recognized as MetaLawMan, responded to Eleanor Terrett’s recent post about Ripple Labs’ donation to a new PAC on Fox Business. He stated, “This election holds immense significance for me and my loved ones, compelling us to actively engage rather than remain sidelined. We strongly advocate for a political figure similar to John Deaton in the Senate.”
Additionally, he urged the crypto community, particularly the XRP supporters, to make donations to the Commonwealth Unity Fund and help elect Deaton in the Massachusetts Senate race. Murphy himself contributed $50,000 to the Political Action Committee (PAC).
The Federal Election Commission reports that the Commonwealth Unity Fund received a total donation amounting to $1,050,020. Additionally, they had $909,405 in cash as of June 30th.
XRP Price Outlook Amid ETF Prospects
Ripple, as a company, has given millions to unauthorized political action committees like Fairshake with a focus on cryptocurrency and technology, by donating significant funds – $50 million in this case – to further their efforts in the US political sphere. Yet, Fairshake’s decision to not back John Deaton during his election campaign drew criticism from crypto supporters.
XRP’s price surge continues, climbing 3% over the past day fueled by ETF announcement news. Currently, the token is priced at $0.54. The 24-hour low and high are recorded as $0.5241 and $0.5682 respectively. Moreover, there’s been a significant uptick in trading volume of 56%, suggesting heightened trader engagement.
As a researcher studying the cryptocurrency market, I’ve noticed an exciting development: The Chicago Mercantile Exchange (CME) and CF Benchmarks recently announced the launch of new reference rates and real-time indices for XRP. This announcement has fueled widespread speculation about the possibility of an XRP exchange-traded fund (ETF). Adding to the buzz, Ripple Labs CEO Brad Garlinghouse has shared positive updates regarding the progress towards a spot XRP ETF.
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2024-07-16 09:57