• Ripple endorses Kamala Harris, sparking industry debate on corporate influence in politics.
  • XRP’s market performance slumps with a 50% decrease against Bitcoin this year.
  • Ripple’s support for CBDCs clashes with crypto’s decentralized ethos, stirring controversy.

Ripple has announced its support for Kamala Harris in the 2024 presidential election, as XRP, Ripple’s native cryptocurrency, is facing a decline against Bitcoin (BTC). 

Ripple and its co-founder, Chris Larsen, endorsed Harris, sparking dissatisfaction from several cryptocurrency industry members. Pierre Rochard, Vice President of Research at Riot Platforms, is concerned about Larsen’s support for central bank digital currencies (CBDCs), which contradicts the values of freedom many in the crypto sector promote. Rochard believes this strategy could impair the decentralized nature of cryptocurrencies like Bitcoin.

 

Chris Larsen, Ripple, XRP, they are pushing for CBDCs. They are anti-freedom and want to ban Bitcoin. They bribed Greenpeace to try to attack proof-of-work but they failed, so now they are backing Kamala out of desperation as XRP/BTC is -50% over the past year. pic.twitter.com/FdeZnKQ6KO

— Pierre Rochard (@BitcoinPierre) September 7, 2024

Ripple’s Political Move and Its Implications

Ripple’s decision to support a political figure is not merely about corporate allegiance but seems to intersect with broader financial and regulatory considerations. The letter supporting Harris, signed by Larsen and other business leaders, emphasizes the importance of her leadership for the economy’s stability and security. This political alignment could be seen as Ripple positioning itself favorably in anticipation of future regulatory landscapes more accommodating of digital currencies and CBDCs.

However, this move has sparked debates about the potential for conflicts of interest and the role of corporate entities in political processes. As digital currencies become increasingly intertwined with global financial systems, the implications of such endorsements could extend beyond mere political support, potentially influencing policy directions favorable to Ripple and similar entities.

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XRP’s Technical Outlook and Investor Sentiment

The technical indicators for XRP paint a sobering picture for investors. The Relative Strength Index (RSI) stands at 39.37, suggesting the market sentiment is bearish. Despite a slight increase in buying pressure, as indicated by the gradient of the RSI line, the overall market trend remains dominated by sellers.

This underperformance is further highlighted by the stark contrast in annual gains between XRP and Bitcoin, with XRP/BTC down by 50% this year. These figures underscore Ripple’s challenges in boosting investor confidence and stabilizing its cryptocurrency’s market position.