Why is XRP Going Up: Ripple Labs Criticized for "Lobbying" Against SBR

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The push for a Strategic Bitcoin Reserve (SBR) has been
ongoing for months. Recently, Pierre Rochard, VP of Research at Riot Platforms,
criticized Ripple Labs for actively lobbying against the plan. Rochard claimed
Ripple Labs is spending millions to influence politicians and hinder the
creation of the SBR, Coingape reported.

Meanwhile, the XRPUSD H1 chart shows that after finding
support at a critical level, the price has been going up and is heading towards
the resistance of a bearish trendline.

Garlinghouse Responds to Criticism on Bitcoin Reserve

Rochard argued that the biggest obstacle to the SBR is not
the Federal Reserve, US Treasury, or banks, but Ripple Labs. He emphasized that
Ripple’s focus on XRP is behind the opposition to the reserve. He also pointed
to Ripple’s previous attacks on Bitcoin mining under President Biden’s
administration, suggesting Ripple aims to protect its platform and promote
Central Bank Digital Currencies (CBDCs).

In response, Ripple CEO Brad Garlinghouse dismissed
Rochard’s claims, suggesting that Rochard is overlooking President Trump’s
campaign promises to support American companies and technologies. Garlinghouse
stated that Ripple’s efforts align with increasing the likelihood of a crypto
reserve, including Bitcoin.

XRPUSD Forms Bullish Engulfing, Eyes Resistance

The XRPUSD H1 chart shows that the price bounced at 3.05450,
forming a bullish engulfing candle. Since then, it has been moving upwards with
strong momentum. The chart also highlights a bearish trendline in play. Traders
should monitor the price action around the trendline’s resistance. A bullish
breakout could provide additional momentum, pushing the price further north.

Pro-Crypto Regulators Appointed on Inauguration Day

The exchange took place shortly before President Trump
signed an executive order to create a national digital asset stockpile. The
move was a significant step for the crypto industry, though it has caused some
backlash from Bitcoin advocates. The President’s decision to exclude a single
asset reserve and include altcoins, including XRP, has drawn attention.

On inauguration day, the White House named Mark Uyeda as
acting chairman of the US SEC and Caroline Pham as the Chairman of the CFTC.
Both regulators are known for their pro-crypto stance and were endorsed by
industry leaders.

This article was written by Tareq Sikder at www.financemagnates.com.

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