The escalating US Vs Canada trade war has gained notable traction lately, impacting the sentiment of the broader financial market enthusiasts. However, in the latest XRP news, a renowned legal expert said that the ongoing developments could be bullish for Ripple. As Mark Carney is announced as the 24th Prime Minister of Canada, the legal expert said it could be bullish for the blockchain firm as well as XRP Ledger (XRPL).
Mark Carney’s Stance On The US Vs Canada Trade War
Canada’s new Prime Minister (PM), Mark Carney has made headlines in the XRP news column. Notably, Carney wasted no time in addressing the US Vs Canada trade war after he took the Canadian PM role, accusing Donald Trump of the recent heat between the two nations.
He directly accused Donald Trump of imposing unjustified tariffs, which he believes are hurting Canadian businesses and workers. In a fiery statement, Carney declared that his government would not back down, saying:
“Trump is trying to weaken our economy. He has imposed unjustified tariffs on our goods, affecting our businesses and families. We will not let him succeed.”
This aggressive approach signals a shift in Canada’s economic policies, potentially leading to a prolonged trade battle. Influencer Ed Krassenstein shared his reaction to Carney’s remarks, stating, “Trump is in for a long ride.”
XRP News: Why This Could Be Bullish for Ripple
In the latest XRP news, legal expert Fred Rispoli weighed in on the situation, stating that Carney’s leadership could benefit Ripple. When asked why, he pointed to Carney’s previous engagement with the blockchain company. Rispoli noted:
“When running the Bank of England he did a collabo with Ripple.”
Carney, who served as the Governor of the Bank of England from 2008 to 2020, actively promoted financial innovation. During his tenure, the Bank of England partnered with Ripple in 2017 for a pilot project. The initiative aimed to enhance cross-border payments by reducing settlement risks and improving transaction speeds.
Carney’s Blockchain Background and Ripple’s Role
Carney has long been an advocate for fintech and blockchain technology. Under his leadership, the Bank of England explored distributed ledger technology (DLT) as part of its modernization efforts. Ripple’s proof-of-concept with the central bank involved syncing two currencies using Ripple Connect and the Interledger Protocol.
XRP enthusiasts quickly connected the dots, highlighting Carney’s past work with Ripple. One user commented, “Carney was all about fintech innovation. He pushed the Bank of England to test blockchain solutions like XRPL.”
With Carney now leading Canada, his approach to financial technology and cross-border payments could influence national policies. If Canada adopts blockchain-friendly regulations, Ripple could see increased institutional adoption in the country. Additionally, Carney’s strained relationship with Trump might push Canada to explore alternative payment solutions, further boosting the relevance of XRPL.
XRP Price & Performance
XRP price today has recorded a slump of over 4% and exchanged hands at $2.17, while its trading volume skyrocketed 150% to $7.8 billion. The crypto has touched a 24-hour high and low of $2.26 and $2.09, respectively. Furthermore, CoinGlass data showed that XRP Futures Open Interest fell 7% today, reflecting the waning risk-bet appetite of the investors.
However, despite that, the recent developments indicate a strong recovery of Ripple’s native assets. For context, the XRP community has called for the Ripple Vs SEC lawsuit end to Mark Uyeda recently, which has gained massive traction from the traders. Besides, the anticipation of an XRP ETF launch in the US and Donald Trump mentioning Ripple’s native asset has further helped experts to offer bullish forecasts for the asset.
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