The XRP community is in turmoil after Ripple co-founder Chris Larsen publicly endorsed Kamala Harris, the Democratic candidate for the U.S. presidency. This endorsement, part of a collective effort by 88 corporate leaders, has sparked heated reactions within the crypto world, particularly among XRP enthusiasts, also known as the “XRP Army.”
According to a report by CNBC, corporate executives from various industries, including Ripple’s Chris Larsen, joined forces to support Kamala Harris’s presidential bid. Other signatories include Aaron Levie of Box, Jeremy Stoppelman of Yelp, and Snap’s Michael Lynton. However, Larsen’s endorsement has struck a nerve with the XRP community, which is already on edge due to Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Ripple’s Ongoing Legal Battle with the SEC
Ripple, the San Francisco-based blockchain payments company, has been entangled in a lawsuit with the SEC since December 2020. The lawsuit accuses Ripple of selling unregistered securities, which has sparked broader discussions about regulatory enforcement in the crypto space. Many in the crypto community believe the current administration, under Joe Biden, has fueled the SEC’s aggressive approach to cryptocurrency regulations, led by SEC Chair Gary Gensler.
Brad Garlinghouse, Ripple’s CEO, has consistently criticized the U.S. regulatory landscape, stating that the country has become hostile to crypto businesses. As a result, Chris Larsen’s endorsement of Harris, a figure closely tied to the Biden administration, has left many XRP supporters feeling betrayed.
XRP Community Reacts
The reaction from the XRP community was swift and intense. Many fans expressed disappointment and frustration, with some even declaring they were selling off their XRP holdings. One user tweeted, “Selling all my XRP today finally. It’s never breaking a dollar again,” reflecting the sentiment of many disillusioned investors.
Another user harshly criticized Ripple, saying, “XRP is worthless technology in 2024, there are many better, faster, cheaper blockchains to transact on today. Keep holding while your founders dump a billion coins per month on your stupid head.” These negative reactions point to growing frustration among some XRP supporters, who feel Ripple’s leadership has lost touch with the crypto community.
Some community members even speculated that Ripple’s lawsuit with the SEC was staged. “100% proof the SEC v Ripple lawsuit was fake and planned by both parties,” one user claimed, adding fuel to ongoing conspiracy theories surrounding the case. Others expressed a more bearish outlook on XRP’s future, fearing that the political endorsement could harm Ripple’s credibility in the crypto space.
Impact on XRP Price
The controversy surrounding Larsen’s endorsement has also impacted XRP’s market performance. At the time of writing, XRP is trading at $0.5189, reflecting a 5% decline in value over the past 24 hours. This downtrend adds to the growing concerns about Ripple’s future, as many investors question whether the company can overcome its legal challenges and regain its position as a leading blockchain solution for cross-border payments.
Conclusion
Chris Larsen’s endorsement of Kamala Harris has created a rift within the XRP community, with many supporters expressing disappointment and frustration over the decision. As Ripple continues its legal battle with the SEC, this political endorsement has only added to the uncertainty surrounding XRP’s future. The crypto community will be watching closely to see how Ripple navigates the ongoing regulatory challenges and whether the company can regain the trust of its most loyal supporters.
Disclaimer: This article is intended for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct their own research before making any investment decisions. Times Tabloid is not responsible for any financial losses resulting from the actions taken by readers based on this article.