Ripple Price Faces Potential Drop to $0.45 Amid Chris Larsen’s Support for Kamala Harris

Ripple’s XRP is facing downward pressure, with its price at risk of dropping to $0.45 due to recent political endorsements and regulatory concerns. Chris Larsen, Ripple’s co-founder, recently endorsed U.S. Vice President Kamala Harris for the 2024 presidential race, a move that has sparked discussions within the XRP community. 

Many market participants are concerned that this endorsement could tie Ripple’s public image to a divisive political figure, which could affect the cryptocurrency’s broader market sentiment.

This political development coincides with ongoing legal uncertainty surrounding Ripple and the U.S. Securities and Exchange Commission (SEC). XRP’s price movements have been closely tied to the evolving court battle, with investors awaiting further clarity on the SEC’s stance regarding Ripple’s regulatory status. 

Market observers speculate that the outcome of this legal battle could lead to heightened volatility for XRP, depending on whether Ripple secures a favorable ruling or faces additional regulatory scrutiny

Additionally, the broader cryptocurrency market has been impacted by macroeconomic factors, including rising interest rates and regulatory pressures from various countries. Investors are increasingly cautious, contributing to XRP’s potential decline. 

Analysts warn that if XRP fails to hold its current support levels, it could dip to $0.45 or lower, especially if market sentiment continues to weaken​.

At this time of writing, XRP is trading at $0.532, up by 0.56% in the last 24 hours.

Overall, the combination of political endorsements, regulatory uncertainty, and broader market dynamics is creating a challenging environment for XRP. Traders are closely watching the U.S. election’s potential impact on crypto regulation, as well as Ripple’s ongoing legal battles, both of which could significantly influence XRP’s price trajectory in the coming months.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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