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Forbes Senior Contributor Billy Bambrough predicts a massive XRP price surge ahead of the Biden-Trump debate.
In a recent publication, Bambrough mentioned that speculation is growing that President Joe Biden may discuss cryptocurrency policy during the upcoming presidential debate with Donald Trump on June 27.
Accordingly, he noted that Bitcoin, XRP, and other cryptocurrencies are bracing for what he described as a “Washington earthquake.” He added that the development could be further influenced by Trump’s recent declaration that he will be the “crypto president.”
However, analysts from Bitfinex argue that the presidential debate is unlikely to significantly impact crypto prices. They point out that Biden and Trump have well-established stances on cryptocurrencies already priced into the market. As a result, pro-crypto reiterations during the debate are unlikely to cause new volatility.
Biden-Trump Crypto Stances
Notably, Trump has recently become more vocal about his support for crypto, having made millions of dollars from digital trading card NFTs. He accepts campaign donations in various cryptocurrencies, including Bitcoin, Solana, Ethereum, and even meme coins like Dogecoin and Shiba Inu. Moreover, Trump has disclosed intentions to make Bitcoin a means of exchange for Americans.
Pundits observe that his renewed endorsement of crypto makes him a favorable choice, considering the incumbent government’s anti-crypto stance. Meanwhile, the Biden campaign is taking steps to appeal to the crypto community.
Rumors previously emerged that his campaign considered accepting cryptocurrency donations through U.S. exchange Coinbase.
Furthermore, a leaked document from California congressman Ro Khanna’s office revealed that officials from the Biden government, the House, and the Senate are scheduled to meet in early July to discuss blockchain innovation.
Biden proponents like billionaire Mark Cuban have warned that Trump’s pro-crypto stance could give him an edge in the 2024 election. Meanwhile, Anthony Scaramucci, a Trump critic and Biden supporter, has suggested that Biden’s opposition to crypto might end if he is re-elected.
XRP Poised for Impact
Considering these factors, the Forbes contributor expressed confidence that XRP is poised for a significant rally driven by these political developments.
Bambrough highlighted how Bitcoin’s rise has notably impacted XRP and Ethereum, particularly citing the market’s recovery post-FTX collapse.
He noted that XRP surged over 60% as Bitcoin climbed from about $15,000 after the FTX crash in late 2022 to a peak of $73,650 in March 2024. Bambrough anticipates that XRP could benefit from the next Bitcoin-induced rally.