What’s Causing the XRP Boycott Outrage? It’s Not About XRP Price

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As a long-term XRP investor with a keen interest in the crypto market and politics, I find myself at a crossroads regarding my XRP holdings due to the recent donation made by Chris Larsen to Kamala Harris’ election campaign. While I have always admired Ripple’s innovative approach to blockchain technology and its potential to revolutionize the financial industry, I am concerned about the impact of this decision on the crypto market, particularly XRP.

Over the past few days, a growing number of XRP investors have been advocating for a boycott of XRP. This isn’t connected to the currency’s price fluctuations, but rather stems from issues concerning XRP’s founder, Chris Larsen, and certain personal choices he made that the community finds objectionable. With the US elections fast approaching in two weeks, speculation is rife about how the identity of the next president could shape the future of the cryptocurrency sector, potentially driving this boycott movement.

XRP Founder’s Donation To Harris Leads XRP Boycott

Recently, Chris Larsen, founder of XRP, contributed $10 million in XRP to Kamala Harris’ Presidential campaign, demonstrating his backing for the upcoming elections. Notably, this was his second contribution, having previously donated a million dollars, accumulating a total of $11.8 million. However, this action sparked debate within the cryptocurrency community due to Harris’ regulatory stance and perceived lack of enthusiasm towards the crypto industry. Interestingly, Donald Trump has shown increased interest in cryptocurrencies this year, leading many to favor his position.

Additionally, Larsen backing Harris has sparked criticism among crypto investors. Notably, Mike Alfred expressed that there’s no reason to keep investing in XRP, suggesting others reconsider their support for the token because of the chairman’s political views. Furthermore, Alfred is not alone in this stance; numerous others have voiced similar opinions using the #XRPBoycott hashtag on social media platforms.

There is no excuse for owning XRP or supporting it in any way

— Mike Alfred (@mikealfred) October 22, 2024

Bill Morgan’s statement has escalated matters significantly, referring to the demise of XRP due to Larsen’s misdirected funding for Harris. Some individuals perceive this as the founder promoting Marxist politicians to the community. This unexpected backlash from the community has necessitated a response from Ripple CEO Brad Garlinghouse regarding the growing boycott trend associated with XRP.

He stated that it is everyone’s right to support whomever they believe and that they should change this administration’s misguided war on crypto. More importantly, he revealed that XRP will engage with both Democrats and Republicans in the future to promote pro-crypto policies.

I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S.

We need to immediately change course from this administration’s misguided war on crypto.

Ripple will continue to engage with both Democrats and Republicans in the final days of…

— Brad Garlinghouse (@bgarlinghouse) October 21, 2024

XRP Price Performance Is Fueling The Fire

Without a doubt, XRP stands among the leading cryptocurrencies, holding a market capitalization of approximately $29.61 billion. This is quite an achievement for a token that has experienced sluggish growth over the past few years. The ongoing legal battle between Ripple and the SEC (Securities and Exchange Commission) has significantly hindered XRP’s expansion at each turn. At present, it hovers around an average of $0.5, currently trading at $0.5218. This is a stark contrast to its previous milestone in 2014 when the price skyrocketed to $3.84. Since then, XRP’s value has moved more than 85% away from that level and may continue to stay within this range unless a substantial rally propels it towards new highs.

What’s Causing the XRP Boycott Outrage? It’s Not About XRP Price

 

Over the years, many crypto analysts have claimed to see the XRP rise above $5. Some even predicted it towards $100, $1000, or even higher, but that is only possible if the token returns to its highest demands. At present, this XRP Donation is seen as a negative decision for the future of the crypto market, which could also impact the price of the token. More importantly, some fear it will also hinder the Ripple SEC Lawsuit.

How Does It Impact You?

Although XRP has faced challenges and fluctuations in its price, it has successfully cultivated a dedicated community and garnered consistent backing. The current state of the XRP price necessitates a significant boost to expand and allow long-term investors to recoup their losses, which hasn’t materialized yet, causing some apprehension among holders. This unease is also fueled by Ripple’s founder supporting Kamala Harris, who has less favor within the crypto industry compared to Donald Trump. However, experts argue that election results will not significantly impact the cryptocurrency market, so investors should not be overly concerned. Furthermore, it is essential to note that Chris Larsen’s decision to donate was personal and unrelated to Ripple, ensuring investors’ interests remain intact.

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2024-10-25 11:34