The presidential race in the United States is getting interesting, with several twists and turns. Amidst this, cryptocurrency hasn’t lost steam. Donald Trump, the former President of the United States, has continued to garner support from the cryptocurrency industry through donations. More recently, the Chief Legal Officer of Ripple, Stuart Alderoty, donated a staggering $300,000 in XRP to the Republican presidential candidate. Fox Business journalist Eleanor Terrett revealed that Alderoty poured in 624,000 XRP to Trump’s campaign. This donation was made on June 11, 2024, but was brought to light only recently.
It seems like Trump’s campaign was scared of the volatility of the cryptocurrency industry. Following the above transfer from the Ripple CLO, Trump’s office converted the XRP to USDC. Former FOX News analyst James Delmore proposed that the Trump team routinely convert all cryptocurrency payments to US dollars. The latest donation was converted at an average cost of $0.48 per coin.
At press time, XRP was trading at $0.5993. Unlike the rest of the market, the altcoin was seen recording a 0.29% drop over the last 24-hours. Most large cap coins like BItcoin [BTC] and Ethereum [ETH] were surging during this period.
Also Read: Donald Trump to Spark a Bitcoin Rally in the Second Half of the Year if Elected
Analyzing Donald Trump’s Cryptocurrency Donations
Donald Trump’s campaign began accepting donations on May 21, 2024. Ever since, they have received numerous donations. The Winklevoss Twins ignited this trend by donating $2 million to Trump last month in Bitcoin, giving him $1 million each. But because the campaign raised more money than the $844,600 maximum allowed by law, part of the money was given back to the co-founders of Gemini.
This wasn’t all. Jesse Powell, the man behind Kraken, contributed $1 million in ETH to help Trump in his bid for the presidency. Additionally, reports suggest that co-founder of Messari Ryan Selkis donated $50,000 in USDC, and BitGo CEO Mike Belshe donated $50,000 in BTC. Currently, the total cryptocurrency-related donation amounts to more than $4 million.
Also Read: Gemini Crypto Exchange Founders Donate $2M In Bitcoin To Donald Trump