XRP made some quiet advancements recently, particularly when Brian’s payment client influenced events on March 2nd. This followed President Trump’s call for the development of “strategic encryption” for certain tokens alongside Solana and Cardano. The following hours were quite eventful, perhaps even chaotic.
What led to Trump’s XRP mention?
The whole situation kicked off at Mar-A-Lago, where staff involved with Ballard’s partners pressed Trump multiple times to share a pre-written statement. This statement praised select digital assets, according to a Politico report. After a couple of refusals, Trump finally handed over the text, and it was promptly released.
In his message, Trump claimed that the U.S. crypto strategy would bolster the industry after facing years of scrutiny from the Biden administration. He stated, “My executive order on digital assets has instructed the presidential working group to enhance crypto strategic reserves, which include XRP, SOL, and ADA. We aim to make the U.S. the global hub for cryptocurrency.”
Shortly afterward, tensions rose as Ripple found itself linked to Ballard, which didn’t sit well with some officials. It’s been reported that Trump felt he had been misled, stating, “He won’t be welcome anymore.” David, the White House’s “Crypto Czar,” reached out to Susie Wills soon after, raising concerns about a potential government crypto summit planned for the next week. Trump then issued another post, seemingly in response, reaffirming support for Bitcoin and Ethereum as central reserves.
Wills monitored feedback from Ballard’s team, while a senior aide confronted the lobbyist over his clients. The message was clear: there would be no more meetings with Ballard.
Ballard downplayed claims made to Politico, suggesting that stories of a freeze were exaggerated. He mentioned that despite unnamed sources making accusations, partnerships continued without issue, citing upcoming fundraising events and discussions with high-level staff. Still, some clients have started to discreetly reach out to other Trump allies, hinting that access to the former president is becoming increasingly exclusive.
The relationship dynamics have been complex, especially as Chief Justice Officer Stuart Alderoti contributed over $300,000 to the Pro-Trump Commission in 2024. Ripple has also donated $5 million in XRP to its initial fund, maintaining significant backing for Fairshake PAC.
While it remains unclear if these ties influenced XRP’s spotlight moment, on March 6, Trump signed an executive order establishing a federal “digital asset stockpile,” which has sparked discussions yet also highlights critical distinctions. Currently, cryptocurrency reserves are being held or sold only under specified conditions.
As of this writing, XRP was trading at $2.29.
