Ripple co-founder Chris Larsen has publicly endorsed U.S. Vice President Kamala Harris for president. This endorsement comes from a leading figure in the crypto space, raising the question: Is the cryptocurrency beginning to rally behind Harris?
CNBC recently reported that Ripple Co-founder Chris Larsen joined 88 corporate leaders in endorsing Kamala Harris for president, highlighting Ripple’s deepening political involvement amid the ongoing SEC lawsuit. CNBC reported this trading suspension, which began in December 2020, leaving investors questioning XRP’s future while Ripple navigated both legal and political fronts.
XRP has faced significant challenges. One of the most notable was the decision by Coinbase, one of the largest crypto exchanges, to suspend trading of XRP in light of the SEC’s lawsuit against Ripple Labs. Starting on December 28, 2020, XRP trading was restricted to a limit-only mode, with full suspension taking effect by January 19, 2021.
Currently, XRP price is trading at $0.5685
Despite the legal hurdles, Ripple has not slowed down its political strategy. With substantial contributions to pro-crypto PACs like Fairshake and Larsen’s endorsement of Harris, Ripple is signaling its determination to shape the regulatory landscape for cryptocurrency. As Harris gains support from crypto leaders, the question remains: Could Kamala’s potential administration bring clarity to the ongoing SEC vs. Ripple case? While XRP’s trading was suspended due to regulatory pressure, Ripple’s strategic alignment with political candidates like Harris could hold the key to navigating future challenges.
Historically, much of the crypto community has leaned toward pro-crypto candidates, particularly former President Donald Trump, who has openly supported digital assets like XRP. Ripple Labs itself has been deeply involved in backing crypto-friendly candidates through political action committees (PACs), contributing millions to ensure favorable regulatory outcomes. However, Larsen’s recent support for Harris signals a potential shift in the industry’s political strategy.
Ripple’s political ties have always leaned toward ensuring that crypto thrives, no matter who occupies the White House. But with Chris Larsen’s endorsement of Harris, some wonder if Ripple is positioning itself to gain favor with both sides of the political aisle.
Ripple has long been involved in political advocacy,One of the most prominent efforts has been contributing to Fairshake, a pro-crypto political action committee (PAC) that has amassed $169 million for the 2024 elections. Ripple is one of the top contributors to this PAC,
However, Ripple’s strategy is more than simply aligning with one party. Despite Larsen’s endorsement of Harris, Ripple’s CEO, Brad Garlinghouse, has contributed to a PAC favoring Senate Republicans. This demonstrates Ripple’s tactical effort to maintain influence with both Democrats and Republicans.
Trump, long a vocal supporter of XRP, has even integrated XRP donations into his 2024 presidential campaign, with his supporters claiming that “crypto and XRP will skyrocket like never before” if he is re-elected. Trump has praised XRP for being “low-cost, fast, reliable, and made in America,” suggesting that no other top cryptocurrencies can match it.
Ripple’s political moves reflect a developed approach to securing crypto-friendly outcomes, no matter who wins the 2024 election. By backing both Kamala Harris and Donald Trump, Ripple appears to be hedging its bets, ensuring that XRP and other cryptocurrencies remain a priority in the regulatory discussion.
However, this dual strategy pops the question; Can Ripple continue to balance support between two vastly different political figures? Will Harris’s growing support from crypto leaders be enough to shift her focus toward favorable regulation, or will Trump’s proven track record with XRP boost Ripple’s prospects if he is re-elected?
Trump’s support of XRP is strong and clear, while Harris’s crypto stance is still relatively unknown. Reports suggest that crypto advocates are raising funds for Harris, possibly hoping to shape her views on regulation, especially given her campaign’s recent acceptance of crypto donations via Coinbase.
As the election heats up, XRP’s involvement with both candidates leaves investors and enthusiasts wondering: Can XRP manage to win support from both sides? And if so, will this strategy propel the cryptocurrency to new heights, as Trump supporters believe?
Ripple seems to be playing a high-stakes political game by courting support from both Kamala Harris and Donald Trump. Will this strategic move pay off for XRP? With Trump’s solid endorsement and Harris potentially warming up to the crypto sector, XRP could be poised for significant gains, no matter who wins the 2024 election.
