Expert Says No Excuse to Hold or Trade XRP After Latest Event

Prominent figures in the crypto community criticizing Ripple chairman’s monetary donations to Kamala Harris’s presidential campaign have urged market participants to boycott XRP.

Chris Larsen, co-founder and chairman of Ripple, has deepened his financial commitment to Vice President Kamala Harris’s presidential campaign.

In a notable development, Larsen recently added $10 million worth of XRP to Harris’s campaign fund. This latest contribution follows a $1 million donation made just two months prior. As a result, Larsen has now contributed over $11.8 million to Harris’s campaign efforts.

No Excuse to Own XRP

The reaction to Larsen’s donations has been mixed. Some view them as a political move that diverges from XRP’s core mission. Notably, Mike Alfred, a known value crypto investor and board director, disapproved of Larsen’s contributions.

Specifically, Alfred emphasized that market participants have “no excuse” for owning XRP or supporting the token in any way, given the Ripple founder’s continued financial support for Harris’s presidential ambition.

This disapproval followed a response by X user Layah Heilpern, who criticized XRP’s leadership for “dumping” on their community to support what she describes as “Marxist” politicians.

There is no excuse for owning XRP or supporting it in any way

— Mike Alfred (@mikealfred) October 22, 2024

Alfred’s perception concerning XRP amid Ripple’s chairman’s donation is widely shared in the crypto community. Ryan Selkis, the founder of the analytics platform Messari, even declared XRP “dead” amid the financial support for Harris’ presidency.

Early Contributions

It is important to note that Larsen’s involvement in Harris’s campaign began earlier this year with a $6,600 donation. These initial contributions set the tone for a consistent pattern of financial help from other supporters toward Harris’s campaign.

Other major contributions include $10 million each from Dustin Moskovitz, co-founder of Facebook. The nonprofit Evidence for Impact also added $9 million, while Illinois Governor JB Pritzker contributed $5 million.

Ripple’s CEO Response

Amid the controversy, Ripple’s CEO, Brad Garlinghouse, commented on Larsen’s decision. Garlinghouse emphasized that individuals, including Larsen, have the right to support their preferred political candidates.

I respect Chris’ (and everyone’s!) right to support whomever they think is best to lead the U.S.

We need to immediately change course from this administration’s misguided war on crypto.

Ripple will continue to engage with both Democrats and Republicans in the final days of…

— Brad Garlinghouse (@bgarlinghouse) October 21, 2024

He clarified that Ripple maintains bipartisan engagement as an organization, advocating for pro-crypto policies regardless of party lines. Garlinghouse pointed to the current administration’s stance on crypto regulation, indicating that the company aims to promote policies that foster blockchain innovation regardless of political outcomes.

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