Ripple’s Stuart Alderotty Donates $300K in XRP to Donald Trump’s Campaign Fund

On Jul 26, 2024

Ripple’s Stuart Alderotty donated XRP worth $300,000 to Donald Trump’s campaign.
The donation was converted to USDC, following Trump’s campaign policy for crypto donations.

In a tweet, Fox Business Journalist Eleanor Terrett announced that Ripple’s General Counsel, Stuart Alderotty, has donated $300,000 worth of XRP to former President Donald Trump. This information was uncovered using data from the blockchain analytics company Bread Crumb.

🚨NEW: According to @AppBreadcrumbs, @Ripple’s General Counsel @s_alderoty donated $300K in $XRP to @realDonaldTrump.
— Eleanor Terrett (@EleanorTerrett) July 25, 2024

The tweet generated controversy among X users, with some questioning the veracity of the news. In response, James Delmore of Solidus Labs provided a screenshot as proof of this remarkable development.

XRP Donation to Trump Sparks New Debate

Interestingly, this donation occurred on June 11, 2024, rather than more recently. The specifics have only recently come to light, sparking new debate in the cryptocurrency industry.

Delmore confirmed that Alderotty transferred 624,000 XRP to Trump’s campaign, which was then converted to USDC worth $300,000. It is usual practice for Trump’s campaign to convert all cryptocurrency donations to USDC.

As we previously reported, Donald Trump has started collecting cryptocurrency donations to help fund his campaign.

He has stated that he wants to create a “crypto army” to combat anti-crypto sentiment, particularly that advanced by Senator Elizabeth Warren. This move is consistent with Trump’s overall plan to increase the acceptability and integration of cryptocurrencies.

Furthermore, CNF reported that David Bailey, a Trump advisor, proposed locking up 210,000 BTC held by the US for a decade, changing it into a national reserve asset. This method seeks to use Bitcoin’s growing value and stability as a financial hedge.

On the other hand, Whale Alert has detected a major whale transaction involving the transfer of 23,854,937 XRP (worth $14,860,930) from Binance to an unknown wallet. Currently, the receiving wallet holds 23.267 million XRP, with the remaining sent to multiple exchange wallets, most likely for liquidation.

🚨 23,854,937 #XRP (14,860,930 USD) transferred from #Binance to unknown wallethttps://t.co/mmSiFYJfxy
— Whale Alert (@whale_alert) July 25, 2024

As of the time this article was written, the price of XRP was about $0.5954, down 1.77% over the last 24 hours. Investors are paying great attention to the $0.60 mark as a major indicator of Ripple’s token trend.