XRP News: Ripple Pledges Million-Dollar to Support John Deaton’s Bid
Ripple, a prominent player in the XRP community, made a substantial donation of $1 million to the Commonwealth Unity Fund, a super political action committee (PAC) established by pro-crypto lawyer James Murphy, also known as MetaLawMan. The purpose of this PAC is to support John Deaton and oppose anti-crypto Senator Elizabeth Warren in the Senate race.
James Murphy, the founder of Commonwealth Unity Fund, expressed the significance of this election and urged the XRP community, particularly the XRP army, to contribute to the PAC to support John Deaton’s campaign in the Massachusetts Senate election. He also made a personal donation of $50,000 to the PAC.
Report from Federal Election Commission
As reports by Federal Election Commission, the total amount donated to the Commonwealth Unity Fund currently stands at $1050020, with a cash balance of $909,405 as of June 30.
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Additionally, Ripple has previously donated $50 million to Fairshake, a crypto-focused non-authorized PAC aimed at supporting technological and crypto innovation in the U.S. However, Fairshake received criticism from the crypto community for not backing John Deaton’s electoral campaign.
On the price front, XRP experienced a 3% surge in the past 24 hours amid ETF news, with the current trading price at $0.54. The 24-hour trading range was between $0.5241 and $0.5682, and the trading volume rose by 56% during this period, signaling increased interest from traders.
The price rally coincided with the announcement from the Chicago Mercantile Exchange (CME) and CF Benchmarks regarding the launch of new reference rates and real-time indices for XRP. This has sparked speculation about the possibility of an XRP ETF, and Ripple’s CEO Brad Garlinghouse has conveyed positive developments toward a spot ETF to the community.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
