Ripple [XRP] caught in the fire as U.S. digital reserve plan divides community
The post Ripple [XRP] caught in the fire as U.S. digital reserve plan divides community appeared on BitcoinEthereumNews.com.
XRP maintained its bullish momentum with the MA cross at 2.5373/1.1871 despite political controversy. Trading volume held steady at 23.66M XRP, while the price has formed higher lows since November 2024. The United States government has taken a significant step toward recognizing digital assets through a recent executive order from President Donald Trump. However, rather than unifying the cryptocurrency industry, the order has sparked intense debate, with Ripple [XRP] facing particular scrutiny from Bitcoin [BTC] maximalists. XRP under fire from Bitcoiners On the 23rd of January, President Trump signed the “Strengthening American Leadership in Digital Financial Technology” executive order, which notably includes provisions for establishing a “strategic crypto reserve.” However, the term “strategic crypto reserve” has ignited fierce debate within the cryptocurrency community over the past 48 hours. Bitcoin proponents argue that the language should have explicitly specified a “Strategic Bitcoin Reserve,” excluding all other digital assets from consideration. Critics have particularly targeted Ripple, alleging that the company influenced the executive order’s wording. Notable industry figures have weighed in on the controversy. Riot Platforms’ Head of Research, Pierre Rochard, suggested that establishing a Bitcoin reserve faces challenges due to Ripple’s alleged political lobbying efforts. Messari founder Ryan Selkis also announced plans to educate President Trump about why XRP exemplifies the redundancy of a national crypto reserve. Additionally, Bitvolt CEO Nico Moran accused Ripple of actively opposing the US Bitcoin Strategic Reserve initiative while prioritizing corporate interests over national benefit. How XRP has trended amid controversy The XRP/USD pair traded at $3.1353 at press time, posting a modest 0.90% increase. The MA cross between the 50-day (2.5373) and 200-day (1.1871) moving averages maintained a strong bullish structure, with price action consolidating well above both indicators. Trading volume stood at 23.66M XRP, indicating sustained market interest amid the political controversy. Source: TradingView…
Filed under: News - @ January 26, 2025 1:27 pm