In the last few days, more and more crypto investors began posting for the XRP boycott. More importantly, it is completely unrelated to the XRP price performance. Instead, it was a matter that involved the XRP founder, Chris Larsen, and his personal decisions, which the community disapproved of. The US elections are just two weeks away, and the name of the next president might decide the future of the cryptocurrency industry, making it the reason behind the boycott.
XRP Founder’s Donation To Harris Leads XRP Boycott
Just a few days ago, the XRP founder Chris Larsen donated $10 Million worth of XRP to the Kamala Harris Election campaign to show his support for the upcoming Presidential Elections. More importantly, this was his second donation, as he had already donated $1M earlier, bringing the total to $11.8M. However, this decision triggered the crypto community as Kamala’s regulatory approach and limited inclement towards the crypto industry is concerning for many. More importantly, Donald Trump has shown much more excitement about supporting crypto this year, causing the majority to take his side.
And as Larsen supports Harris, many crypto investors have criticized the founder. One notable figure, Mike Alfred, has stated that there is no justification for holding XRP anymore, indirectly appealing to others to stop their support for the token due to the chairman’s political allegiances. More importantly, he is not the only one with this opinion, as many others have also posted on X with the XRP boycott hashtag.
There is no excuse for owning XRP or supporting it in any way
— Mike Alfred (@mikealfred) October 22, 2024
Bill Morgan has taken it to another level, calling it the death of XRP as the Larsen misguided financial support for Harris. Another said that the founder was just pushing their community to support Marxist politicians. This reaction from the community was quite unexpected, and the Ripple CEO, Brad Garlinghouse, has to speak on this XRP boycott trend.
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
No doubt, XRP is one of the top cryptos, which ranks 7th for its market capitalization of $29.61B. It is an impressive milestone as the token has had a poor performance for the past few years, with the Ripple Vs SEC case challenging its growth at every step. The token is moving around an average of $0.5, currently at $0.5218, despite its past milestone of reaching $3.84. This was seven years ago, and the XRP price has moved more than 85% away from that and might stay in the same range unless a strong rally does not push it towards highs.
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?
Despite its shortcomings and XRP price struggles, the token has built quite a community and has gained constant support. The XRP price is in a complete nutshell and requires a heavy push to grow so that the long-term holders can recover some of their losses. However, that has not happened yet, leading to people losing their trust in this token. More importantly, they are disappointed with Ripple’s founder supporting the Kamala, which is comparatively less favored than Donald Trump in the crypto industry. However, many analysts have claimed that the election outcome would not affect the crypto market, so it should not be of great worry. More importantly, this donation was from Chris Larsen’s personal decision, not Ripple, so it should not concern investors.
The post What’s Causing the XRP Boycott Outrage? It’s Not About XRP Price appeared first on CoinGape.