Ripple Labs Donates $5 Million to Donald Trump's Inauguration, Cementing Close Ties with the Future White House

Ripple Labs, the company responsible for XRP and the newly launched stablecoin RLUSD, recently made a major donation for Donald Trump's inauguration.

Ripple Labs, the company behind XRP and the recently launched stablecoin RLUSD, has made a major donation to Donald Trump's inauguration.

According to recent reports from Fox Business, Ripple donated $5 million in XRP to the inauguration, which is part of the over $200 million that has been raised for the event. Kraken has also reportedly donated $1 million.

This latest donation further cements Ripple's close relationship with the future White House. Throughout the campaign, the company led by its CEO Brad Garlinghouse made major donations to pro-crypto super PACs—while Garlinghouse himself celebrated Donald Trump's victory.

Indeed, the Republican's victory on November 5 had a major impact on the crypto market.

Adopting a much friendlier stance on crypto this time around, Donald Trump spoke several times during the campaign about the importance of digital assets and quickly became the favorite among crypto voters.

Despite only taking office in January—Trump's presence hovering over the market has already shown relevant results.

Decisions like replacing Gary Gensler at the SEC, and even creating a new position for a Crypto Czar at the Whitehouse have fueled the market with momentum and optimism of a friendlier and clearer approach by U.S. regulating agencies in the future.

Ripple's XRP was one of the assets that gained the most momentum following the election. Currently trading at $2.27, the currency is up by 338% since Trump's victory over Kamala Harris.

While most of the rally that led XRP to become the third most valuable digital asset in the world appears to be slowing down—investors expect yet another bull run once Trump takes office in January.