US presidential election jitters have pushed 10-year US Treasury yields higher, impacting demand for riskier assets, including crypto. Declining bets on a Fed rate cut in December contributed to the crypto market’s pullback.
Elon Musk and the XRP ledger
On Wednesday, the crypto community continued to discuss Elon Musk’s recent comments regarding XRP Ledger. Responding to a question regarding financial institutions using XRPL in the future, the CEO of Tesla (TSLA) said:
“This is certainly not an endorsement or lack of endorsement for XRP, but I think crypto, by its very nature, contributes to individual freedom.”
As Ripple prepares for a lengthy battle with the SEC in U.S. appeals courts, the company continues to push for bipartisan support for cryptos. Ripple CEO Brad Garlinghouse commented on Elon Musk’s comments, pointing out that candidates who ignore crypto and blockchain technology could suffer a steep loss of voter support.
The latest election polls indicate that Donald Trump could win the US presidential election. While investors may view Trump’s stance on crypto as bullish, his broader policies could spur inflation, potentially affecting the Fed’s rate path.
SEC vs Ripple: Crucial Introduction for XRP
On Wednesday, XRP’s fall below $0.52 signaled a sharp resumption of volatility. XRP last fell below $0.52 on October 3, following the SEC’s notice of appeal.
