XRP Price Rises 13% as Ripple CEO Decries Partisan Issues in Crypto

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XRP price is an outlier, rising 52% in July and 13% on the day, effectively outperforming the crypto top 40. Ripple CEO Brad Garlinghouse slammed US politics for making crypto a partisan issue.

After its recent anniversary, July remains an important month for the Ripple ecosystem, and there is much to look forward to in the upcoming weeks.

Ripple CEO Shocked with Partisan Issues in Crypto

In the interview with Fortune Magazine, Garlinghouse said that he is “shocked crypto has become a partisan issue.” He slammed US politicians, with special focus on Senator Elizabeth Warren, for dividing innovation along Republican and Democrat lines.

According to the Ripple executive, the focus should be on how the technology is reducing costs and proving efficiency. He also believes that President Joe Biden’s anti-crypto stance could cost him the election against Donald Trump.

Meanwhile, the focus is on the Ripple’s native token XRP, which has risen to a multi-month high, trading for $0.62 at the time of writing. The Relative Strength Index (RSI) at 75 shows that the XRP token is massively overbought, though not yet ripe for selling, as it has gone this high before.

XRP/USDT 1D Chart. Source: TradingView

The surge has stirred speculation of whether something is happening behind the scenes.

“Something is going on with XRP that we don’t know. It randomly started booming after a liquidation event what the hell is going on, 40% in 7 days no news??” a user noted in a post.

However, on-chain platform Santiment assuages that trader attitude follows XRP price action, suggesting the emergence of bullish narratives. As price test levels last seen in mid-April, Santiment researchers highlight climbing levels of coin hodling from whales and sharks. It cites a noticeable turning point in supply accumulation starting last August.

On Tuesday, Ripple transferred 150 million XRP tokens worth nearly $87.5 million to an unknown wallet amid the ongoing rally. It moved the same number of tokens on July 10. Such voluminous transactions tend to disturb the market, creating uncertainty among investors.

Amid speculations, Ripple’s case against the US Securities and Exchange Commission (SEC) remains a thorn in the flesh of the XRP community. In a recent report, attorney Fred Rispoli predicted it could end on July 31. This is after the July 13 anniversary passed without a development in the case.

Community members will be watching closely in hopes of a favorable ruling in the case initiated in December 2020.