Renowned cryptocurrency expert Elite Crypto recently expressed their frustration with recent developments surrounding XRP and vowed to never engage with the cryptocurrency again.
In a recent post on X, Elite Crypto outlined two main reasons for their disinterest in XRP. Firstly, they criticized XRP’s performance, comparing it to a stablecoin due to its lack of price movement over the past two years. Data accompanying the post revealed that XRP has been trading within a narrow range during this period, leading Elite Crypto to argue that its price action resembles that of a stablecoin.
Secondly, Elite Crypto highlighted the donation of $10 million worth of XRP by Ripple’s co-founder Chris Larsen to the Kamala Harris presidential campaign as another factor contributing to their loss of interest in the coin. The expert emphasized their support for former President Donald Trump and their negative sentiment towards XRP. This indicates that while the expert is a Trump supporter, they are angered by Larsen’s XRP donation to Harris and the lack of growth potential in the coin over the past two years. As a result, Elite Crypto pledged to never engage with XRP again.
The XRP community has also expressed its dissatisfaction with Larsen’s donation to Harris. Members of the community do not want any association with the U.S. vice president due to her affiliation with the current administration.
Under this administration, which has displayed aggression towards cryptocurrencies, Ripple and XRP have faced significant challenges. Although the Ripple lawsuit was introduced in December 2020 under the previous administration, the case fully commenced in 2021 after Joe Biden became president and appointed Gary Gensler as the SEC chair.
During this administration, the SEC has made concerted efforts to win the lawsuit by any means necessary, resulting in a multi-year bearish performance for XRP. The SEC lawsuit also caused XRP to miss out on the bull market of 2020/2021.
Following an unsuccessful outcome, the regulator appealed the Ripple ruling earlier this month. Despite this, Larsen still chose to donate $10 million worth of XRP to Harris in support of her presidential ambitions.
Nietzbux, a prominent figure in the XRP community, suggested that Larsen’s donation has altered the narrative from “Ripple dumps XRP on holders” to “Kamala dumps XRP on holders.” Many have criticized Ripple for selling large quantities of XRP monthly to fund its operations, referring to this practice as “dumping” that could negatively impact the coin’s performance. With Larsen’s donation, Nietzbux believes the narrative has shifted to Harris dumping on investors.
In response to Larsen’s donation, Nietzbux stated, “I absolutely respect your right to donate and vote for whomever you want – but the optics on this will not go over well with the XRP community.”
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