Donald Trump’s Trump memecoin has quickly gained $8 billion in value after its launch, but it has faced criticism from the Ripple community.
Experts are discussing how this Trump memecoin will affect the ongoing XRP lawsuit. Bill Morgan, the lawyer of XRP, criticized Trump for the launch of memecoin, which has caused a stir in the crypto market.
In a recent post on X, Morgan expressed concerns about the impact of Donald Trump’s TRUMP memecoin on the SEC vs. Ripple case. Morgan pointed out, “He will have presidential immunity.” Trump’s role in launching and promoting a risky token highlights the urgent need for clear crypto regulations.
The battle between Ripple and the SEC has been going on for four years, and the community of XRP is eagerly waiting for its conclusion. A future president promoting memecoin is unprecedented and has raised concern among crypto enthusiasts.
In this situation, Morgan said, “Hard to see how the SEC v Ripple appeal continues when the soon to be inaugurated President issues and promotes his own speculative meme coin.”
After Trump’s re-election in November, XRP saw a major boost, driven by hopes for regulatory changes and a resolution to the XRP lawsuit. On Friday, XRP surpassed $3 for the first time since 2018, ahead of Trump’s inauguration on Monday.
At the time of writing, XRP is trading at $3.17, which is up 31% for the month. In the last 24 hours, it has dropped by 3% and has gained 31% over the past week.
Also Read: Official Trump Coin Gains Astonishing 10000%: How High It Can Go?
