Key Points
- Ripple co-founder Chris Larsen endorses Kamala Harris for president.
- XRP Army reacts with outrage, calling the move a betrayal.
- Ripple’s ongoing SEC lawsuit fuels division within the crypto community.
- XRP value drops 5% to $0.5189 amid backlash from the XRP Army.
The XRP Army is reeling after Ripple co-founder Chris Larsen publicly endorsed Kamala Harris for the U.S. presidency.
According to a CNBC report, Larsen signed a letter supporting Harris’ 2024 campaign along with 87 other corporate leaders, including prominent executives from Box, Yelp, and Snap.
The endorsement has ignited fierce reactions within the XRP community, which has long been critical of the Biden administration’s stance on cryptocurrency.
This is especially true given Ripple’s ongoing battle with the U.S. Securities and Exchange Commission (SEC).
$XRP cofounder Chris Larsen’s public endorsement of Kamala Harris causes upset in the community. For others, it may be an opportunity #NFA pic.twitter.com/4hdsHx7nw9
— Chart the Course Podcast fka Uninterrupted (@PlotTheCourse) September 6, 2024
Ripple’s Legal Struggles with the SEC Frustrates XRP Army
Ripple’s protracted legal case with the SEC has been a defining issue for the company since December 2020. The lawsuit alleges that XRP, Ripple’s native token, is an unregistered security.
The case has fueled tension between the crypto world and U.S. regulators, particularly as the Biden administration, under SEC Chair Gary Gensler, has adopted a stricter regulatory approach.
The XRP Army, a passionate segment of Ripple’s supporters, sees this legal fight as emblematic of broader governmental hostility towards digital currencies.
Ripple CEO Brad Garlinghouse has frequently criticized the U.S. regulatory landscape, arguing that it hampers innovation and makes the U.S. inhospitable for crypto businesses.
Given these circumstances, Larsen’s endorsement of Harris, a candidate from the same political party that oversees the SEC, has been viewed as a betrayal by many in the XRP Army.
XRP Army’s Fierce Backlash
The endorsement has provoked a firestorm of reactions within the XRP community. Disappointed XRP holders are airing their grievances on social media, with one vocal user declaring, “Selling all my XRP today finally.
It’s never breaking a dollar again.” Another XRP supporter attacked the technology, calling it outdated compared to newer, faster blockchain alternatives.
Adding to the intrigue, some community members have gone as far as to label the entire SEC lawsuit a coordinated act. One person claimed, “100% proof the SEC v Ripple lawsuit was fake and planned by both parties,” suggesting that the lawsuit was staged as part of a broader strategy.
This skepticism only deepens the sense of disillusionment among XRP holders, many of whom were already feeling bearish about the future of Ripple and its token.
This discontent has taken a toll on XRP’s market performance. In the 24 hours following the endorsement, XRP’s price declined by roughly 5%, trading at $0.5189. The drop reflects the impact of political developments and community sentiment on the token’s market value.
