Cash News
US Presidential Election jitters drove 10-year US Treasury yields higher, impacting demand for riskier assets, including crypto. Falling bets on a December Fed rate cut contributed to the crypto market pullback.
Elon Musk and the XRP Ledger
On Wednesday, the crypto community continued discussing recent comments by Elon Musk regarding XRP Ledger. Responding to a question regarding Financial institutions using XRPL in the future, the Tesla (TSLA) CEO said,
“This is definitely not an endorsement or lack of endorsement for XRP, but I do think crypto, by its very nature, helps with individual freedom.”
As Ripple prepares for a lengthy battle with the SEC in the US appellate courts, the company continues pushing for bipartisan support for cryptos. Ripple CEO Brad Garlinghouse remarked on Elon Musk’s comments noting that candidates who ignore crypto and blockchain tech could experience a sharp loss of voter support.
The latest election polls indicate that Donald Trump could win the US Presidential Election. While investors may consider Trump’s stance on crypto bullish, his broader policies could drive inflation, potentially affecting the Fed rate path.
SEC vs. Ripple: Opening Brief Crucial for XRP
On Wednesday, the XRP drop below $0.52 signaled a sharp pickup in volatility. XRP last fell below $0.52 on October 3, following the SEC’s Notice of Appeal.