- XRP surged 24% and added $44 billion in market value after a post on social media by former President Donald Trump supported the crypto asset.
- A lobbyist for Ripple, through Ballard Partners, influenced Trump to include XRP in his announcement of a U.S. “crypto strategic reserve,” according to Politico.
- Political events, court rulings, and regulatory actions have repeatedly affected XRP’s price and regulatory outlook.
On March 2, a notable jump was observed in the price of XRP, rising 24% within 75 minutes to reach $3 per token after former President Donald Trump declared on Truth Social that his proposed U.S. “crypto strategic reserve” would include XRP and two other alternative cryptocurrencies. This statement led to XRP’s market capitalization increasing by $44 billion to an estimated $173 billion, according to data cited by Protos.
According to a Politico report, a staff member at Ballard Partners, a lobbying firm representing Ripple, drafted and successfully pitched the announcement for Trump’s social media. The move, which was orchestrated at Trump’s Mar-a-Lago residence, brought major gains for XRP and highlighted lobbying’s impact on digital asset markets.
Ripple was a client of Ballard Partners during this period. “Everyone knew that Trump’s pick of XRP as one of only three named digital assets in his first post was the reason for XRP’s $44 billion rally,” Protos noted. After learning that his staff had been influenced by a lobbyist tied to Ripple, Trump reportedly told his team that Ballard Partners and the lobbyist involved were no longer welcome, as stated by anonymous sources.
The original post on Trump’s social platform led markets to react swiftly. He later updated his statement, adding Bitcoin and ether to the list of supported assets. Nevertheless, the rally in XRP was already underway. Subsequently, Trump limited XRP to a “sell-only” reserve and designated bitcoin for government purchases.
The XRP price has quadrupled since Trump assumed the presidency, with prior surges also tied to political activity. In November 2024, XRP rose 17% on news that Ripple Labs CEO Brad Garlinghouse may have met with Trump. Another rally followed Trump’s statements about firing Securities and Exchange Commission Chairman Gary Gensler.
Regulatory developments have previously played a role as well. In July 2023, a court ruled some XRP sales were not securities, doubling its market cap from $25 billion to $50 billion that day. Judge Analisa Torres, appointed during Barack Obama’s administration, made the decision. Ripple’s political donations have historically crossed party lines; co-founder Chris Larsen gave $11 million in XRP to Kamala Harris’ campaign.
Ripple declined to comment to Protos when asked about Ballard Partners’ role.
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