The turbulent US presidential election has pushed up the yield on the 10-year US Treasury, impacting demand for riskier assets such as cryptocurrencies. Falling bets on the Federal Reserve cutting interest rates in December contributed to the crypto market rebound.
Elon Musk and the XRP Ledger
On Wednesday, the crypto community continued to discuss Elon Musk’s recent comments regarding the XRP ledger. In response to a question about financial institutions using XRPL in the future, Tesla (TSLA) CEO said:
“This is in no way an endorsement or disapproval of XRP, but I believe that cryptocurrencies, by their very nature, support individual freedom.”
Ripple continues to seek bipartisan support for its cryptocurrencies as it prepares for a lengthy battle with the SEC in a US appellate court. Ripple CEO Brad Garlinghouse addressed Elon Musk’s comments, saying candidates who ignore cryptocurrencies and blockchain technology could rapidly lose support from voters. did.
The latest election polls show that Donald Trump may win the US presidential election. While investors may view President Trump’s stance on cryptocurrencies as bullish, his broader policies could boost inflation and influence the Fed’s interest rate path.
SEC vs. Ripple: Important opening summary for XRP
On Wednesday, XRP fell below $0.52, indicating a sharp increase in volatility. The last time XRP fell below $0.52 was on October 3rd following the SEC’s notice of appeal.
