XRP Surges 1.962% Amid Ripple's Growing Reserves and Political Discussions

XRP's latest price was $3.04, up 1.962% in the last 24 hours. This surge in price has sparked significant interest and speculation within the cryptocurrency community. Ripple CEO Brad Garlinghouse participated in a crypto roundtable with US Democrats and "Shark Tank" investor Mark Cuban. The roundtable, organized by Democrat Congressman Ro Khanna, aimed to discuss the challenges facing the cryptocurrency industry. During the meeting, Garlinghouse highlighted that most Democrats support the US Securities and Exchange Commission (SEC) Chair, Gary Gensler, in his "unlawful war on crypto." He also noted that Gensler's anti-crypto stance could give the Republican Party an advantage in the upcoming Presidential campaigns.

Ripple's XRP reserves have seen a significant increase, with the company adding 213 million XRP to its holdings since the end of September 2024. This surge has raised Ripple's total XRP reserve to 4.77 billion coins. The increase comes after Ripple halted its market reportage, which previously provided insights into the firm's XRP holdings. This development has sparked speculation about Ripple's intentions and potential market impacts. Analysts suggest that Ripple might be holding onto more tokens than initially projected, as not all XRP released from escrow since March has been utilized. The lack of transparency regarding Ripple's current XRP reserves has led to various interpretations within the community, with some speculating about significant market moves while others believe Ripple is being cautious due to regulatory uncertainties.

Major exchanges like Binance and Crypto.com have also adjusted their XRP holdings, indicating proactive management in response to changing market conditions. Crypto.com's reserves have decreased by approximately 846,284 XRP, while Binance has seen a slight increase of 5.3 million XRP. These adjustments, combined with Ripple's growing reserves, suggest potential shifts in the XRP market dynamics. The community is closely watching these developments, awaiting further insights into Ripple's strategies and the broader implications for the XRP ecosystem.

Ripple is a payments company specializing in cross-border remittance through blockchain technology. RippleNet, created by Ripple Labs Inc., is a network for payments transfer open to financial institutions worldwide. The company leverages the XRP token to facilitate transactions on the XRPLedger, enabling trustless and instant payments for financial institutions. XRPLedger, based on distributed ledger technology, uses XRP to power transactions and includes a built-in inflammatory protocol to combat spam and distributed denial-of-service (DDOS) attacks. The ledger is maintained by a peer-to-peer network known as the global XRP Ledger community. XRP uses the interledger standard, a blockchain protocol that aids payments across different networks, effectively removing intermediaries and centralization. XRP is the native token of the XRPLedger blockchain, engineered by Jed McCaleb, Arthur Britto, and David Schwartz.