Ripple co-founder Chris Larsen is stepping into the spotlight by donating $10 million XRP to Kamala Harris’ 2024 presidential campaign, marking a pivotal moment for the cryptocurrency’s influence in left-wing politics.
Why are we doing this when most of the cryptocurrency industry is leaning in the right direction?
Ripple has donated heavily to candidates in this election, which has raised some eyebrows. Massachusetts Senator Elizabeth Warren recently commented on the cryptocurrency industry, saying the blockchain space has become more right-wing and liberal. Larsen may try to combat domestic perceptions that Ripple is right-wing and anti-establishment by publicly donating heavily to Kamala Harris.
Plus, donations are tax deductible, assuming there’s a significant tax burden for bag holders to dump all their XRP to buy mansions and Porsches.
Now is the time for Democrats to take a new approach to technological innovation, including cryptocurrency. i believe @Kamala Harris American technology will dominate the world. That’s why I’m donating $10 million in XRP to support her. https://t.co/vb9KJA87JK
— Chris Larson (@chrislarsensf) October 21, 2024
With this donation, Ripple is working very hard to be inclusive, equitable, and seen as an insider rather than an outsider.
Here’s how this move will impact the price of XRP:
Political Landscape and XRP
With less than two weeks left before the 2024 presidential election, cryptocurrencies have become a new frontier for political influence.
To win the blockchain industry, Trump advocated for Web3 regulation, NFTs, and Bitcoin mining. Meanwhile, Harris, a newcomer to the industry, hoped to sway voters by becoming the first Democratic candidate to publicly support cryptocurrencies.
It didn’t work for her.
Chris Larsen’s contribution to the Harris-backed super PAC highlights his push for the tech-forward Democratic agenda. He advocates for a revamped cryptocurrency policy, giving Harris confidence that it can raise the global profile of American technology.
However, XRP, which has already underperformed the rest of the market, remains snakebitten without approval.
One Ripple supporter on Twitter told Larsen to “read the room,” and the XRP subreddit was also in the news.
XRP has always been the worst holder out there when it comes to lawsuit news. It has always underperformed the rest of the market.
So, to answer your guess, I suffer from severe mental illness and holding XRP has had an extremely negative impact on my life and happiness.
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However, the XRP community promises that pumps will be released.
This is the final boarding information. $XRP 🚨🚨🚨
Strap in and put on your own oxygen mask before helping others.
— Cryptocurrency Bitlord (@crypto_bitlord7) October 20, 2024
The good thing is that as Ripple resolves its legal challenges, Larsen’s political support will likely play a pivotal role in influencing more Democrats to support the cryptocurrency.
You can’t turn your back on an entire industry (especially when the Democrats are losing people in big numbers) and expect this to be a long-term winning strategy.
As the election approaches, the cryptocurrency industry is caught between technological gains and political games. The path you choose defines your future.
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