With the increasing use of cryptocurrencies, many organizations are initiating programs to enhance understanding of blockchain technology. Ripple's latest move in this direction is the establishment of the National Cryptocurrency Association.
Goals of the National Cryptocurrency Association
The National Cryptocurrency Association, established by Ripple, serves as a non-profit to increase American public awareness of blockchain technology and cryptocurrencies. Registered as a 501(c)(4), it can accept unlimited donations from individuals and corporate entities. The first significant contribution of $50 million came from Ripple itself. Stuart Alderoty, Ripple's Chief Legal Officer, will lead the association. His expertise in the crypto sector is expected to benefit both Ripple and the new organization.
Criticism of Ripple's New Initiative
Despite widespread praises, some experts express concerns about potential misuse of the non-profit status for illegal political donations. Organizations like these often see a rapid influx of anonymous donations, potentially facilitating money laundering. Experts stress the need for regulatory oversight on the registration and functioning of such bodies, especially amidst potential regulatory shifts under the current U.S. administration.
Current XRP Price Data
At the time of publishing, XRP was priced at $2.58 with an intraday rise of 3.44%, and its market cap spiked by around 4% to $149.11 billion. XRP has maintained strong growth momentum, with a 17% increase over a week and more than 6% over the past 30 days. The speculation surrounding a potential XRP spot ETF approval by the end of 2025 has significantly contributed to its price rise. According to Bloomberg experts, there is a 60% chance of approval, potentially driving XRP’s price near $5.
Ripple's establishment of the National Cryptocurrency Association is a significant step towards enhancing cryptocurrency education in the U.S. region. Despite some criticism, this initiative has the potential to positively impact the adoption and understanding of cryptocurrencies in society.
