Ripple’s co-founder Chris Larsen is grabbing attention with a $10 million XRP donation to Kamala Harris’s 2024 presidential campaign, marking a pivotal moment for crypto’s influence in left-wing politics.
Why do this when most of the crypto industry leans right?
Ripple has donated a lot to candidates this election, which has raised some eyebrows. Massachusetts Senator Elizabeth Warren recently commented about the crypto industry and said that the blockchain space is more right-leaning and libertarian. Larsen, by donating heavily and publicly to Kamala Harris, might be trying to fight that domestic perception of Ripple as right-leaning and anti-establishment.
Plus, the donation is tax-deductible and we assume he has a pretty heavy tax burden from dumping all his XRP on bagholders to buy mansions and Porsches.
It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe @KamalaHarris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her. https://t.co/vb9KJA87JK
— Chris Larsen (@chrislarsensf) October 21, 2024
With this donation, Ripple is trying very hard to be inclusive, equitable, and viewed as an insider instead of an outsider.
Here’s how this move will affect the price of XRP.
The Political Landscape and XRP
With the 2024 presidential election less than two weeks away, crypto has become the new frontier for political clout.
Eager to win over the blockchain industry, Trump has championed Web3 regulation, NFTs, and Bitcoin mining. Meanwhile, Harris, who is newer to the industry, has hoped to sway voters by being the first Democratic candidate to support crypto openly.
It hasn’t worked for her.
Chris Larsen’s contribution to a Harris-supporting super PAC highlights his drive for a tech-forward Democratic agenda. He advocates for revamped crypto policies, placing faith in Harris to elevate U.S. technology’s global standing.
Yet XRP, already underperforming the rest of the market, has been left snake-bitten from the endorsement.
One Ripple supporter on Twitter told Larsen to “read the room,” while the XRP subreddit was also down on the news as well.
XRP has always been my worst hold outside when it pumped off the lawsuit news. It has always underperformed the rest of the market.
So, to answer your speculation, yes, I am severely mentally ill, and holding XRP has had an extremely negative impact on my life and well-being.
But the XRP Community Promises That the Pump Is Coming
This is the final boarding call for $XRP ???
Strap yourself in and please put on your own oxygen mask before helping others
— Crypto Bitlord (@crypto_bitlord7) October 20, 2024
The bull case is that as Ripple navigates its legal challenges, hopefully, Larsen’s political endorsement will play a pivotal role in influencing more Democrats to back crypto.
You can’t turn your back on an entire industry (especially when Dems are losing men HARD) and expect that to be a long-term winning strategy.
Elections looming, the crypto industry is poised between technological gains and political games. The path chosen will define its future.
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