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Fact check: The crypto coin XRP will go up after trump takes office because it will be used officially by banks in USA
1. Summary of the results
The original statement makes two key claims that need separate examination:
Regarding XRP's price movement:
- While there are positive indicators, including a significant 240% year-to-date increase [1] and a rise from $0.52 to $2.46 [2], no source definitively confirms future price increases.
- There is a reported 70% chance of ETF approval under Trump's administration [2], and Ripple has seen increased US business activity in late 2024 [3].
Regarding official bank usage:
- Bank of America uses Ripple technology for internal transactions and holds related patents [4], but this does not equate to nationwide bank adoption.
- No source confirms official, widespread bank adoption of XRP in the USA.
2. Missing context/alternative viewpoints
Several crucial pieces of context are missing from the original statement:
- Regulatory Challenges: There is an ongoing SEC lawsuit against Ripple that creates significant legal uncertainty [5].
- Political Connections:
Trump has met with Ripple executives [6]
His incoming SEC chair Paul Atkins is considered crypto-friendly [1]
- Recent Business Development: Ripple has signed more US deals in the last six weeks of 2024 than in the previous six months [3]
- Market Volatility: Sources caution against overly optimistic expectations due to market volatility [6]
3. Potential misinformation/bias in the original statement
The statement presents several biased assumptions:
- It oversimplifies the relationship between political leadership and cryptocurrency prices
- It presents speculation as certainty, while sources indicate only potential positive developments [7]
Who benefits from this narrative:
- Ripple and XRP holders: Would benefit from increased confidence in XRP's future
- Political actors: Trump administration could benefit from association with potential crypto success
- Financial institutions: Banks like Bank of America could benefit from speculation about their involvement with blockchain technology
- Crypto influencers and analysts: Benefit from creating narratives around political events and price movements
The statement should be treated with caution as it makes definitive claims about future events that are inherently uncertain and complex.