Could Trump Hold the Key to XRP’s Future Fortunes? Ripple’s Executives Say it’s Possible
Donald Trump’s US-centric strategy could benefit XRP in the coming month’s according to Ripple’s chief market strategist, Cory Johnson. Speaking to Ethereum World News, the company’s marketing expert said that XRP’s unique nature means that offshore mining farms aren’t an issue and, therefore, XRP can be of interest to politicians in the White House.
“The White House in particular seems to be thinking about what it means to have 80 percent of Bitcoin mining taking place in China and a majority of Ether mining taking place in China. When you look at XRP, there is no mining, so from a foreign-control aspect or from an environmental aspect, XRP is a very different beast,” Johnson told the crypto news outlet.
Washington Could Make American the Home of XRP
Although those on Capitol Hill haven’t made any formal announcements with regards to XRP, the news could see the digital token find a home in the US. Indeed, much like Asia has essentially become a hub for Bitcoin (BTC) and Ethereum (ETH), interest from Washington could make North American XRP’s hub. For those interested in buying XRP online, this could have a number of knock-on benefits. Firstly, the US is a global superpower in all senses of the word. From finance to politics, America leads the way and, where it goes, others typically follow.
Indeed, if Washington was to formally back XRP, it would inspire other countries like the UK, Australia and Canada to do the same thing. Beyond that, it could inspire those within the US to embrace XRP. We already know the Securities Exchange Commission (SEC) is currently wavering on the status of XRP and whether it’s a security. This uncertainty could be stopping some of the leading businesses in the US from integrating the digital token into their platforms. If politicians in the White House form their own conclusions on XRP, it could sway SEC to give it a more favorable definition.
Of course, the ultimate homerun would be if the US government found a way to use XRP for some of its own data processing needs. While that’s a longshot, there is clearly a desire among those in power to have a crypto to call their own. Indeed, if we know anything about Trump and his administration, it’s that they don’t want to fall behind the rest of the world in any area. What’s more, they want to reclaim businesses and industries that they were once a world leader in. With Japan and China dominating the market when it comes to cryptocurrencies, there could be an underlying desire to have a “US asset.”
Political Allies for XRP Could Suppress Other Cryptos
This would clearly help improve the price of XRP. However, more significantly, it could also suppress BTC and ETH. As is often the case in business and politics, the easiest way to the top is climbing over your rivals. Although things may be slightly different in the crypto world given the decentralized nature of the industry, it’s still possible. Most significantly, backing from the White House could be the boost XRP needs at the moment. This year, Ripple has done its bit to bolster the XRP price chart. Between its partnerships with Santander and American Express, the company is helping position XRP as the go-to crypto for big banks.
Beyond that, we know that xRapid is likely to go live on a commercial scale before the close of 2018. However, outside of these developments, XRP doesn’t really have any other irons in the fire at the moment. As a digital asset, few would question its utility. However, the only use case we’ve got to fall back on at the moment is xRapid and that’s not out on the open market just yet. So, even though there is a ton of potential, there isn’t much in the way of concrete value for XRP at the moment. That could all change if the token gets the backing of Washington.
In simple terms, the future continues to look bright for XRP and, in turn, Ripple. However, for potential investors or those already in the mix, this potential needs to manifest itself in reality at some point. Could a political push from the Trump administration be the catalyst for that? It’s possible and something that will be interesting to watch develop in the coming months.