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Prominent crypto expert Elite Crypto expresses frustration with recent activities relating to XRP, pledging never to touch the cryptocurrency again.
The crypto expert made the assertion recently in an X post. In the tweet, Elite Crypto highlighted two primary reasons they are no longer interested in XRP.
First, the expert fumed at XRP’s performance, likening it to a stablecoin due to its stagnant price movement over the past two years. The accompanying data shows that XRP has been trading within a particular range in this timeframe, which made Elite Crypto suggest that XRP’s price action is similar to that of a stablecoin.
Second, Elite Crypto mentioned Ripple’s co-founder Chris Larsen’s donation of $10 million worth of XRP to the Kamala Harris presidential campaign as another reason for their loss of interest in the coin.
The expert emphasized that they are bullish on former President Donald Trump and bearish on XRP. This indicates that while the expert is a Trump supporter, they are infuriated with Larsen’s XRP donation to Harris and the coin’s lack of growth potential over the past two years. Hence, Elite Crypto pledged never to touch XRP again.
$XRP trading like a stable coin which is sidelined for 2 years, now Ripple co-founder Chris Larsen says he is donating $10 million in $XRP to Kamala Harris.
I am never touching #XRP ever again Bullish on Trump bearish on XRP. pic.twitter.com/hcpC2SixGD
— Elite Crypto (@TheEliteCrypto) October 21, 2024
Why XRP Community Is Furious With Larsen
Notably, XRP community members have widely criticized Larsen’s donation to Harris. The community does not want any ties with the U.S. vice president due to her affiliation with the current administration.
This administration has been aggressive toward crypto, with Ripple and XRP among its victims. Although the previous administration introduced the Ripple lawsuit in December 2020, the case started fully in 2021 after Joe Biden became president and appointed Gary Gensler as the SEC chair.
Under this administration, the SEC made significant moves to win the lawsuit by any means necessary, subjecting XRP to a multi-year bearish performance. Thanks to the SEC lawsuit, XRP even missed out on the 2020/2021 bull market.
The regulator also appealed the Ripple ruling earlier this month after it could not achieve its desired result. Despite this, Larsen still donated $10 million in XRP to Harris, supporting her presidential ambition.
‘Kamala Dumps XRP on Holders’
Meanwhile, an XRP community figure, Nietzbux, suggested that Larsen’s donation has changed the narrative from ‘Ripple dumps XRP on holders’ to ‘Kamala dumps XRP on holders.’
Recall that many have criticized Ripple for selling huge amounts of XRP monthly to finance its operations. For context, Ripple unlocks 1 billion XRP monthly from escrow, sells 200 million of the released funds, and re-locks the remaining.
Some enthusiasts refer to this practice as Ripple dumping XRP on holders, which could have an adverse effect on the coin’s performance.
Notably, Larsen’s $10 million XRP donation will be converted to fiat before it can be used to finance Harris’ campaign. Consequently, Nietzbux believes the narrative suggesting that Ripple is dumping XRP on holders has now shifted to Kamala dumping on investors.
“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,” Nietzbux said in response to Larsen’s donation.