XRP News Today: Crypto Market Slump Hits XRP – US Elections and SEC Appeal Weigh In

US presidential election jitters have pushed US 10-year Treasury yields higher, impacting demand for riskier assets including crypto. Declining bets on a Fed rate cut in December contributed to the crypto market pullback.

Elon Musk and the XRP ledger

On Wednesday, the crypto community continued discussing Elon Musk’s recent comments about the XRP Ledger. Responding to a question about financial institutions that will use XRPL in the future, the Tesla (TSLA) CEO said:

“This is definitely not an endorsement or lack of endorsement of XRP, but I think crypto, by its very nature, helps individual freedom.”

As Ripple prepares for a long battle with the SEC in US appeals courts, the company continues to push for bipartisan support for cryptocurrencies. Ripple CEO Brad Garlinghouse weighed in on Elon Musk’s comments, noting that candidates who ignore cryptography and blockchain technology could suffer a sharp loss of voter support.

The latest election polls indicate that Donald Trump could win the US presidential election. While investors may view Trump’s stance on cryptocurrencies as bullish, his broader policies could boost inflation, potentially affecting the Fed’s rate trajectory.

SEC vs. Ripple: Crucial Opening Summary for XRP

On Wednesday, XRP’s drop below $0.52 signaled a sharp increase in volatility. XRP last fell below $0.52 on October 3 following the SEC’s notice of appeal.