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Crypto YouTube channel Altcoin Daily takes a dig at XRP, insisting investors holding the asset need not worry about the capital gains tax proposed by Kamala Harris.
The channel, run by brothers Austin and Aaron Arnold, said this in a recent post, spotlighting cryptocurrencies that have continued to underperform in recent times despite the rest of the market recording occasional gains.
Harris Proposes 28% Capital Gains Tax
For context, U.S. Democratic presidential candidate Kamala Harris on Wednesday supported the capital gains tax proposed by President Joe Biden in the budget for the 2025 fiscal year. However, Harris softened the proposed rate from 39.6% to 28%.
Notably, this tax applies to families who boast at least $1 million in annual income. Despite the softening, the crypto community, which has remained cautious of Harris’s stance, expressed concerns about the proposed tax scheme.
Altcoin Daily Takes a Dig at XRP
Amid these concerns, the Altcoin Daily channel believes holders of XRP and five other crypto assets might not feel the impact of the tax. For the uninitiated, the government levies a capital gains tax on the profit an investor gets from selling assets at a price higher than their original purchase cost.
Altcoin Daily’s commentary suggests that XRP and the five other crypto assets on its list would not yield any gains for investors that would require taxes. Besides XRP, other assets on the list include HEX (HEX), Litecoin (LTC), Bitcoin Cash (BCH), JasmyCoin (JASMY) and EOS (EOS).
Notably, like XRP, some of these assets have underperformed despite the bull run. XRP, in particular, began the year at a price of $0.6155, but now trades for $0.5541. This represents a disappointing 9.97% drop year-to-date (YTD).
XRP Underperformance
XRP’s current value is also an 83% collapse from its all-time high of $3.31 in January 2018. Its inability to record a new ATH during the previous bull run in 2021 has also raised concerns. Consequently, market Veteran Raoul Pal advised investors to consider other options to avoid missing out on this bull run.
Despite the ongoing underperformance, some market analysts remain confident in XRP’s potential. They suggest that with the conclusion of the SEC lawsuit, which exerted legal pressure on XRP, the asset could now break out of its multi-year consolidation.
For instance, market commentator EGRAG recently asserted that XRP could record its breakout and hit a market top by September 2025. In response to inquiries on his price targets, he pointed to $10, $13, $17 and even $24.
Meanwhile, currently trading for $0.5541, XRP is down 2.26% this month. Nonetheless, this drop is due to the broader market struggles. In fact, XRP has shown greater resilience than Bitcoin (BTC) over the past five days, which is down 3% this month.