Ripple Executive Endorses Kamala Harris
Chris Larsen, Ripple’s executive chairman and co-founder, is one of the high-profile corporate leaders endorsing Kamala Harris for the 2024 US presidential election. The news comes as several industry executives, particularly from the tech and cryptocurrency sectors, show their political preferences ahead of the election.
The letter, cited by major news outlets, had 88 signatories, including notable figures such as Jeremy Stoppelman, the CEO of Yelp, and Aaron Levie, the CEO of Box. Larsen’s endorsement adds to the growing list of cryptocurrency leaders becoming more involved in US politics.
The recent involvement of Ripple executives in political campaigns suggests that crypto industry participants look to play a bigger role in this upcoming election than in previous years.
Crypto Executives Join Kamala Harris 2024 Campaign
Gene Sperling, who previously served on Ripple’s board, shifted his focus to politics in August, joining Kamala Harris’ presidential campaign. Sperling, who had previously served as an economic adviser to Presidents Bill Clinton, Barack Obama, and Joe Biden, has extensive economic policy experience.
Sperling joined Ripple’s board in 2015, bringing with him a wealth of knowledge from his years in government and public service. David Plouffe, a former adviser to Binance and Alchemy Pay, has also joined Harris’ campaign.
Plouffe had previously worked as an adviser to former President Barack Obama. His involvement in Harris’ 2024 run, along with Sperling’s, suggests that Harris is focusing on bringing in advisers with strong backgrounds in traditional and emerging industries like cryptocurrency.
Ripple CEO Predicts Major Changes in Crypto Regulation Post-Election
Meanwhile, Ripple’s CEO, Brad Garlinghouse, has predicted that the outcome of the 2024 election will significantly impact the crypto industry. Garlinghouse also speculated that the US Securities and Exchange Commission Chair Gary Gensler will likely step down, regardless of who wins the presidency.
As the election draws closer, more figures from the tech and crypto sectors are aligning themselves with candidates. In addition to Larsen’s support of Harris, ARK Invest CEO Cathie Wood previously endorsed Donald Trump, stating she believes he would be better for the economy.
Similarly, the Winklevoss twins, co-founders of the cryptocurrency platform Gemini, have pledged financial support to Trump’s re-election campaign.
XRP Price Falls as Whales Reduce Holdings
Meanwhile, XRP’s price dropped sharply today, driven by ongoing whale activity and concerns surrounding upcoming US jobs data. The cryptocurrency’s price decreased by around 2.75%, with its value now hovering around $0.53.
This follows a broader market trend where traders await key economic signals from the US jobs report. Large XRP holders, also known as whales, have been reducing their holdings, further contributing to the downward pressure on the token.
Data indicates that addresses holding over 1 billion XRP have decreased their balances by 0.5% since early September, signaling potential profit-taking. Moreover, the XRP Ledger (XRPL) ecosystem, which underpins XRP’s transactions, has reported weaker performance metrics in the last quarter.
According to Messari’s research, the second quarter of 2024 saw a 48% drop in new XRP addresses compared to the previous quarter. Active addresses on the network also dropped by 67%. This decline in network activity suggests that user engagement with XRP is weakening, further dampening investor confidence.
US Jobs Report Adds Uncertainty for XRP Traders
Another factor impacting XRP’s price is the uncertainty surrounding the US Federal Reserve’s next move on interest rates. Traders are closely watching the upcoming jobs report, which gives further clues about the central bank’s strategy.
Last month’s jobs report indicated a rise in unemployment, causing significant market turbulence. If this report also signals economic weakness, it could trigger additional volatility for this digital asset and other cryptocurrencies.
Notably, XRP’s recent price action has broken through a critical support level. The crypto asset has been fluctuating between a resistance level of $0.56 and a support level of $0.53. If the price closes below the key Fibonacci retracement level at $0.53, XRP could face additional price drops, with the next downside target sitting at $0.49.
