<ul><li>Ripple’s $1 million donation to the Commonwealth Unity Fund signals strong support for pro-crypto political initiatives.</li><li>XRP’s price surged 3% in 24 hours amid speculation over an ETF, driven by market optimism and trading volume increase.</li><li>Ripple’s strategic political contributions aim to shape crypto-friendly legislation and regulatory environments.</li></ul><p><a href="https://ripple.com/" rel="noopener noreferrer nofollow">Ripple Labs</a> has donated $1 million to the Commonwealth Unity Fund, a newly established super political action committee (PAC) spearheaded by pro-crypto advocate James Murphy, also known as MetaLawMan. This PAC aims to influence the upcoming Senate race in Massachusetts by supporting John Deaton and opposing anti-crypto sentiments represented by Senator Elizabeth Warren.</p><h3 id="strong-james-murphy-s-call-to-action-strong"><strong>James Murphy’s Call to Action</strong></h3><p>James Murphy, expressing his gratitude for Ripple’s support, emphasized the critical nature of the upcoming election in advancing pro-crypto policies. He urged the <a href="https://cryptonewsland.com/ripple-ceos-bullish-insights-fuel-xrp-community-anticipation/" rel="noopener noreferrer nofollow">XRP community</a>, including the fervent XRP army, to rally behind John Deaton’s candidacy and contribute to the Commonwealth Unity Fund’s efforts.</p><p>The Commonwealth Unity Fund has received contributions from Ripple totaling $1,050,020, as the Federal Election Commission reported, Strengthening the PAC’s financial position. As of June 30, the PAC had $909,405 in cash, providing substantial funding for its political activities.</p><p>Ripple’s involvement in <a href="https://cryptonewsland.com/sbf-reveals-dark-donations-to-us-officials-fec-to-probe/" rel="noopener noreferrer nofollow">political contributions</a> extends beyond the Commonwealth Unity Fund. Previously, the company donated $50 million to Fairshake, another non-authorized PAC focused on promoting technological innovation and crypto-friendly legislation in the United States. However, Fairshake faced scrutiny from some corners of the crypto community for not aligning with John Deaton’s electoral campaign goals.</p><h3 id="strong-market-response-and-xrp-s-performance-strong"><strong>Market Response and XRP’s Performance</strong></h3><p>Amidst favorable advancements in the ETF market, the price of XRP increased by 3% on the last day. With a 56% increase in trading volume, XRP currently trades at <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">$0.5385</a>. Over the course of a day, it reached a top of $0.5682 and a low of $0.5241.The Chicago Mercantile Exchange (CME) and CF Benchmarks have announced new reference rates and real-time indices for XRP, and this price increase corresponds with their releases.</p><p>More speculation on an XRP ETF has surfaced following these announcements, with CEO Brad Garlinghouse hinting that progress is being made in the direction of a spot ETF. These events, which point to growing investor interest in the potential of the cryptocurrency, have made the XRP community feel more positive.</p><p>The favorable reaction from the market and Ripple’s calculated contributions to political action committees demonstrate the company’s proactive approach to influencing laws and regulations that support <a href="https://aws.amazon.com/what-is/blockchain/?aws-products-all.sort-by=item.additionalFields.productNameLowercase&amp;aws-products-all.sort-order=asc" rel="noopener noreferrer nofollow">blockchain technology</a>. The potential for XRP to flourish in a favorable legal environment is still a source of optimism for supporters of the cryptocurrency, even as talks about institutional adoption and regulatory clarity drag on.</p>

Ripple Donates $1 Million to Pro-Crypto PAC Amid XRP Price Surge

Table of Contents

Crypto News Land

Other articles published on Jul 17, 2024

The Ambition of MEET48's AI UGC Ecosystem: MEET48 is Going to Launch its First Game CoinFish on TON

CEX Native Blockchain Trends

XRP Surges 40%, Wealth Advisor Finds Repeating Historic Pattern Mirroring 2017 ATH, Parabolic Pu...

Presales with High Growth Potential

DAMN Sol Killer: Riding the Wave of Shiba Eternity's Release

2024's Crypto Gold Rush: Top 5 Fastest-Rising Investments:

Join our free newsletter for daily crypto updates!