Once more, in the bitcoin debate, US President Donald Trump focused his criticism on XRP, the native token of Ripple Laboratories. Following a significant company announcement, Trump attacked XRP’s value and questioned Ripple’s larger influence on the American banking system in a recent interview.
Known as a former crypto critic, especially Bitcoin, Trump said that the latest developments by Ripple “pose more questions than answers” for American investors and authorities. His remarks coincide with a period of increasing momentum for Ripple, particularly following a run of court successes and announcements of global expansion.
What Important Announcement Was Made?
With its declaration of a strategic alliance with a well-known financial institution, probably a big American bank, Ripple has lately made news. The agreement is meant to improve RippleNet’s cross-border payment infrastructure, therefore presenting XRP as a bridge currency for global transactions.
Many in the crypto space saw the statement as a historic victory for Ripple, especially in light of the SEC case long casting a cloud over XRP’s future. With restored investor trust, the token even experienced a brief price surge.
Trump’s negative posture, however, swiftly turned the optimistic attitude into an opposite. He said that Ripple’s increasing participation in the conventional financial market might “destabilise dollar dominance” and “undermine trust in regulated banking systems.”
Before his recent victory, cryptocurrencies had never been of appeal to Donald Trump. Declaring he was “not a fan of Bitcoin and other cryptocurrencies,” he said they were “not money” and might “facilitate unlawful behaviour.”
His latest comments on XRP and Ripple fit his general distrust of distributed finance. Trump’s priorities have mostly been maintaining the supremacy of the US currency and rejecting any developments that would compromise centralised financial control.
The XRP Community Responds
Not unexpectedly, the XRP community shot back. Leading XRP supporters on social media sites like X (previously Twitter) discounted Trump’s remarks as “uninformed” and “out of touch.” Many said XRP aims to simplify ineffective cross-border transactions rather than replace the currency.
Although insiders believe the company is carrying on with its goals independent of political opinion, Ripple officials have not formally replied to Trump’s comments. “Trump can say what he wants, but the future of finance is being built XRP is just ahead of the curve,” one notable XRP influencer observed.
Ripple Forges Ahead
Given the project’s recent successes and growing institutional acceptance, Trump’s critique of Ripple and XRP is unlikely to stop its course. His remarks, however, do draw attention to the continuous gulf separating conventional political leaders from the scattered technology they sometimes struggle with.
Whether or not Trump’s criticism influences public opinion is still to be seen. Right now, the XRP community seems unaffected and more driven than ever.
