XRP Price Pushes Higher as Ripple Eyes Political Advocacy
The value of XRP rose on Saturday, buoyed by optimism that the currency’s parent company will be able to roll out new commercial applications of its products. Ripple Labs, the company initially behind XRP, is also looking to make headway in Washington, D.C. through the formation of new cryto-focused advocacy group.
XRP/USD Price Update
XRP’s price touched a high of $0.587 in early Saturday trading. That was the highest level since Monday. At the time of writing, the cryptocurrency was valued at $0.559 for a gain of 5.6%.
Trading in XRP crossed $1 billion on Saturday, according to CoinMarketCap. At current prices, XRP is capitalized at $22.3 billion, where it was trailing Ethereum by roughly $3.3 billion.
XRP’s trading range has been difficult to predict following a sharp and sudden spike less than two weeks ago. The surprise surge, which added more than 100% to XRP’s value in less than five days, was followed by a broad correction that wiped nearly $10 billion off the coin’s market cap.
Ripple Leads Crypto Coalition
A cluster of fin-tech companies from San Francisco have joined hands to form the Securing America’s Internet of Value Coalition (SAIV), a lobby group that seeks to influence the regulation of blockchain and cryptocurrency. First reported Friday by Business Standard, the coalition is being led by Ripple Labs and includes several other companies with ties to the blockchain startup.
In addition to Ripple and its independent RippleWorks foundation, the coalition includes Coil, a digital payments company, crypto investment firm Hard Yaka and PolySign, which is spearheading crypto custody solutions. Klein/Johnson, a bipartisan lobby group, has been hired to advise the coalition. The lobby group will receive $25,000 a month and 10,000 XRP in compensation.
“We understand this is really complicated, and there is a lot of misinformation out there,” said Chris Larsen, Ripple’s executive chairman, as quoted by Business Standard. “The good news is there is a lot of interest in this topic in D.C.”
The coalition is planning to lobby several levels of government, including Congress, the Securities and Exchange Commission and the Internal Revenue Service.
Ripple’s desire to influence crypto policy isn’t surprising given the multiple lawsuits filed against it for allegedly manipulating price of XRP. Ripple is in the cross hairs of a growing debate over whether XRP should be classified as a security. The company maintains that XRP is not a security, and has offered up convincing reasons in support of that claim.
Ripple and XRP are often (incorrectly) used interchangeably. Ripple is a software company that is selling payment solutions to financial companies; XRP is a digital asset that exists independently of the San Francisco-based startup.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.