Ripple's XRP drops by 2.78% following Co-founder's endorsement of Kamala Harris

Ripple's Co-Founder, Chris Larsen, together with 88 other business leaders have signed a letter of support for Kamala Harris.

A report by CNBC has cited a letter signed by other prominent signees, including Aaron Levie,cofounder and CEO of the enterprise cloud company Box, Yelp CEO Jeremy Stoppelman, Snap chairman Micheal Lynton, and former 21st century Fox CEO James Murdock, among others.

Ripple's political move and its implications

Ripple's decision to support Harris is at a time when Ripple's XRP's market performance is slumping with a 50% decentralized ethos over the past year.

Therefore, it seems that Ripple's decision to support Harris is more merely a corporate alliance, but the reason behind this decision is motivated by broader financial and regulatory considerations. Many of the business leaders are showing their support for Harris because of her pro-crypto policies, and how they see Harris as a proponent of a stable and secure economy.

Both Garris and Trump have spent the past week rolling out their dueling economic visions, ahead of the Sep 10 debate. Harris outlined proposals to support small businesses that feature a plan to increase a tax deduction for startup expenses by 10 times, up to $50,000.

Harris also proposed lifting the top capital gains tax rates to 28% for people making more than $1 million a year - up from the current 20% rate, but far lower than the 39.6% level that President Joe Biden proposed.

Hence the policy that Harris is promoting is also advantageous to Ripple, who is trying to reposition itself favorably in anticipation of future regulatory landscapes that would be more accommodating towards digital currencies and CBDCs.

Ripple's XRP in free fall

Chris Larsen's endorsement of Kamala Harris ignited a firestorm among Ripple's followers and investors. Many in the crypto community are also viewing this endorsement as a betrayal, especially given Harris' controversial stance on cryptocurrency regulation.

Prominent voices like Layah Heilpern also voice her criticism on social media, claiming the dire impact that Harris as a President would have on the freedom of the crypto landscape.

In just 24 hours since the announcement of Larsen's support for VP Harris, Ripple's XRP has dropped by 2.78% and is currently trading around $0.43.

This decline could deepen, amplified by Brad Garlinghouse's recent letter of support for Kamala Harris.

Many Ripple investors are turning to this new crypto AI alternative

In wake of Larson's endorsement, many XRP investors are seeking refuge in RCO Finance. Currently in its second resale stage, RCOF has already demonstrated impressive growth, with its price soaring by 169% from its initial value to its current price of $0.0344.

The token's price is projected to increase to $0.05588 in the next presale stage and by over 1,644% through the remaining presale stages, potentially reaching an expected listing price of between $0.4 and $0.6.

This remarkable potential for growth draws significant attention from investors dissatisfied with Ripple's recent developments. As RCOF continues to gain traction in its native platform's promising future, it highlights the growing enthusiasm among crypto enthusiasts.