Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty attended a private dinner with President-elect Donald Trump on January 6. Garlinghouse shared details of the dinner on social media, describing it as a “great dinner” and a “strong start to 2025," according to bitcoin.com.
Meanwhile, XRPUSD has been bearish on the intraday charts after producing a bullish inside bar on the daily chart yesterday (Wednesday).
Ripple's Legal Battle with SEC Raises Questions
This meeting has led to speculation about Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). The SEC lawsuit, filed in December 2020, accuses Ripple of selling XRP tokens as unregistered securities. The case is viewed as significant for the cryptocurrency industry, with potential consequences for digital asset regulation in the US.
Great dinner last night with @realDonaldTrump & @s_alderoty. Strong start to 2025! pic.twitter.com/UjM6lahUG4
— Brad Garlinghouse (@bgarlinghouse) January 8, 2025
Observers Link Trump Dinner to Possible End of Ripple SEC Lawsuit
Industry observers have highlighted the timing of the dinner, with some suggesting that the SEC lawsuit could soon end. Lawyer Jeremy Hogan, a well-known figure in the Ripple case, posted on X, expressing a shift in his stance on the matter.
Garlinghouse recently credited the Trump administration for helping the US crypto market grow, noting Ripple’s recovery and an increase in U.S. hiring. He pointed to Trump’s pro-crypto appointees, including Scott Bessent, David Sacks, and Paul Atkins, as key factors in fostering innovation. He also expressed optimism about the pro-crypto stance of the 119th Congress.
XRPUSD Faces Bearish Momentum After Bullish Inside Bar
XRPUSD formed a Bullish Inside Bar on the daily chart yesterday, finding resistance around 2.39500. As of now, the intraday charts are bearish, with the price moving downward with strong momentum. The 2.26000 level may act as support, though a bearish breakout could push the price lower.
Japan's Banks to Adopt Ripple’s XRP
In 2025, every bank in Japan is set to adopt Ripple’s XRP Ledger, signaling a major shift in financial technology. Announced by SBI CEO Yoshitaka Kitao, the integration with the Interledger Protocol aims to streamline cross-border paymentsand simplify currency conversions.
The XRP Ledger is viewed as a cost-effective and efficient tool for international remittances, potentially modernizing global banking systems. The integration of XRP into Japan's $6.372 trillion banking sector could influence its market performance. A 1% adoption rate might increase XRP’s market capitalization by $63.72 billion, raising its price to $3.50. A 10% adoption rate could drive its price up to $13.48. These projections highlight the potential impact of XRP's broader adoption.
This article was written by Tareq Sikder at www.financemagnates.com.
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