The price of XRP fell 2.7% on Sunday, May 11, as the broader crypto market rallied. This unexpected downturn was triggered by a fresh controversy involving U.S. President Donald Trump.
According to Coingecko data:
- Bitcoin extended its recovery above $104,000.
- Other layer-1 rivals, Ethereum and Solana, gained 5.4% and 4.8%, respectively.
However, Ripple (XRP) struggled for traction despite these gains. President Trump recently called for XRP to be part of a "strategic crypto reserve." However, sources close to Capitol Hill indicate that his team may not have understood that Ripple is still embroiled in an ongoing lawsuit with the Securities Exchange Commission (SEC).
This perceived political endorsement has attracted fresh scrutiny from compliance bodies, which reportedly reopened due diligence reviews amid fears they were misled about Ripple’s status. Lobbyists informed lawmakers that there was no basis for adding XRP as part of any future digital assets held by central banks or government agencies because it remains subject to court proceedings regarding whether it violated securities laws when selling tokens between September 2013 and December 2017.
Regulators are seeking damages exceeding $900 billion in this case filed last year against Ripple’s alleged violations of securities laws during that period.
Matt Maley, chief equity strategist at Miller Tabak & Co., commented, "It looks like people took some money out ahead of potential bad news," regarding the pullback in XRP prices. This pullback erased approximately $360 million in XRP trading market volume on Sunday, reigniting regulatory risks around Ripple just days after securing a long-awaited settlement deal worth half-a-billion dollars with the SEC.
In other news unrelated to cryptocurrency markets but significant nonetheless, former U.S. President Donald Trump met Chinese leader Xi Jinping last week to discuss trade relations between the two largest economies. Both countries agreed to meet again soon, although details remain unclear.
Meanwhile, the Federal Reserve raised interest rates once again yesterday, bringing total hikes so far this cycle to eight times, taking borrowing costs higher than pre-pandemic levels. This increase makes life harder for those living paycheck-to-paycheck, struggling to make ends meet, let alone save anything extra.
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