Ripple Backs Kamala Harris as XRP Faces a 50% Decline Against Bitcoin

Ripple’s Bold Move: Endorsing Kamala Harris Amidst XRP’s Struggles

Ripple has announced its endorsement of Vice President Kamala Harris for the 2024 presidential race. This endorsement comes at a time when Ripple’s cryptocurrency, XRP, has been struggling against Bitcoin (BTC). Ripple co-founder Chris Larsen, along with 87 other corporate leaders, signed a letter supporting Harris. The letter emphasized that electing Harris is crucial for maintaining democracy and ensuring economic stability. “Electing Harris as president is the best way to support democracy and the economy’s strength, security, and stability,” the letter stated.

Chris Larsen, Ripple, XRP, they are pushing for CBDCs. They are anti-freedom and want to ban Bitcoin. They bribed Greenpeace to try to attack proof-of-work but they failed, so now they are backing Kamala out of desperation as XRP/BTC is -50% over the past year. pic.twitter.com/FdeZnKQ6KO

— Pierre Rochard (@BitcoinPierre) September 7, 2024

However, this endorsement has sparked controversy within the crypto community. Pierre Rochard, vice president of research at Riot Platforms, criticized Ripple and Larsen for their stance on central bank digital currencies (CBDCs). Rochard claimed, “Chris Larsen, Ripple, XRP, they are pushing for CBDCs. They are anti-freedom and want to ban Bitcoin”. XRP has seen a significant decline in value, with XRP/BTC down 50% this year. Rochard highlighted this struggle, noting that XRP has underperformed compared to Bitcoin over the past year. “XRP/BTC is down 50% this year as the altcoin is up only 5% in 1 year while BTC is up 110%,” Rochard pointed out. Despite these challenges, Ripple remains committed to its advocacy for blockchain innovation and pro-crypto candidates. The firm has contributed millions to Fairshake, a federal super PAC supporting pro-crypto and pro-innovation candidates reported Coin Edition.