The recent development causing uproar in the crypto community, especially within the XRP community, is the endorsement of Kamala Harris, the Democrat’s presidential flag bearer, by Ripple co-founder, Chris Larsen.
According to a CNBC report, eighty-eight corporate leaders and top executives from various companies in the US, including Ripple’s Chris Larsen, have signed a letter today, that endorses Kamala Harris for United States president.
Other executives that make up the signers include the CEOs of Box—Arron Levie, Yelp—Jeremy Stoppelman, Snap—Michael Lynton, and others
Ripple’s Long Battle with the SEC Championed by Biden Administration
The current administration in the US has constantly shown its hostility towards cryptocurrency, the nascent and fast-growing asset class.
The crypto community believes this admiration is the fuel behind the current SEC Chair Gary Gensler, who thinks regulation by enforcement is the way to go.
A lawsuit between Ripple, the San Francisco-based cross-border payments firm, and the United States Securities and Exchange Commission (SEC), filed in December 2020 is still raging with fresh speculations.
So, many people expect zero support from the crypto community, let alone from Ripple, the major victim of the regulation by enforcement.
Brad Garlinghouse, the CEO of Ripple, has been vocal about the fact that the country has been inhabitable for crypto-related businesses. So, the latest endorsement sounds embarrassing to many crypto community members, especially the XRP Army.
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XRP Community Reacts
As expected, the new development has caused commotion within the XRP community, with a user stating, “Selling all my XRP today finally. It’s never breaking a dollar again.”
The user displayed his discontentment further, 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 plebeian.” Another user also tagged Ripple as a scam.
A supposed XRP community member stated categorically that the recent development proves the protracted lawsuit between Ripple and the SEC is fake. He wrote, “100% proof the SEC v Ripple lawsuit was fake and planned by both parties.”
Another community member posited that he’s even more bearish now than he already was.
The effect of the latest development can be seen in the value of XRP in the market. At the time of writing, XRP is trading at $0.5189, with a relatively 5% price downtrend in the last 24 hours.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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