The push for a Strategic Bitcoin Reserve (SBR) has beenongoing for months. Recently, Pierre Rochard, VP of Research at Riot Platforms,criticized Ripple Labs for actively lobbying against the plan. Rochard claimedRipple Labs is spending millions to influence politicians and hinder thecreation of the SBR, Coingape reported.
Meanwhile, the XRPUSD H1 chart shows that after findingsupport at a critical level, the price has been going up and is heading towardsthe resistance of a bearish trendline.
Garlinghouse Responds to Criticism on Bitcoin Reserve
Rochard argued that the biggest obstacle to the SBR is notthe Federal Reserve, US Treasury, or banks, but Ripple Labs. He emphasized thatRipple’s focus on XRP is behind the opposition to the reserve. He also pointedto Ripple’s previous attacks on Bitcoin mining under President Biden’sadministration, suggesting Ripple aims to protect its platform and promoteCentral Bank Digital Currencies (CBDCs).
Unless you are choosing to ignore the core tenants of the POTUS campaign (which aggressively supports American companies and technologies), our efforts are actually INCREASING the likelihood of a crypto strategic reserve (which includes bitcoin) happening.
— Brad Garlinghouse (@bgarlinghouse) January 23, 2025
In response, Ripple CEO Brad Garlinghouse dismissedRochard’s claims, suggesting that Rochard is overlooking President Trump’scampaign promises to support American companies and technologies. Garlinghousestated that Ripple’s efforts align with increasing the likelihood of a cryptoreserve, including Bitcoin.
XRPUSD Forms Bullish Engulfing, Eyes Resistance
The XRPUSD H1 chart shows that the price bounced at 3.05450,forming a bullish engulfing candle. Since then, it has been moving upwards withstrong momentum. The chart also highlights a bearish trendline in play. Tradersshould monitor the price action around the trendline’s resistance. A bullishbreakout could provide additional momentum, pushing the price further north.
Pro-Crypto Regulators Appointed on Inauguration Day
The exchange took place shortly before President Trumpsigned an executive order to create a national digital asset stockpile. Themove was a significant step for the crypto industry, though it has caused somebacklash from Bitcoin advocates. The President’s decision to exclude a singleasset reserve and include altcoins, including XRP, has drawn attention.
On inauguration day, the White House named Mark Uyeda asacting chairman of the US SEC and Caroline Pham as the Chairman of the CFTC.Both regulators are known for their pro-crypto stance and were endorsed byindustry leaders.
This article was written by Tareq Sikder at www.financemagnates.com.
