Ripple Donates 1.7M XRP tokens to Kamala Harris as Trump Leads Crypto Polls: Will XRP Price React?

Ripple (XRP) Price Analysis:

XRP price opened trading at $0.54 on Oct 13, moving sideways over the last 10 days, while the broader crypto market scored major gains. Amid ongoing appeal against the SEC, Ripple co-founder Chris Larsen has made a $1 million donation to Kamala Harris’ presidential campaign.

With Trump currently leading the crypto betting polls, XRP price looks set for another underwhelming week ahead

Ripple Co-Founder Chris Larsen Donates $1 Million in XRP to Kamala Harris’ Campaign

Ripple co-founder Chris Larsen donated over $1 million worth of XRP to Future Forward PAC, a political action committee backing Vice President Kamala Harris’ presidential campaign.

According to official fillings with the Federal Election Commission, Larsen made the $1 million donation with 1,754,815.29 XRP tokens on August 18, 2024.

Ripple Co-Founder, Chris Larsen donates 1.7M XRP ($1M) to Kamala Harris Campaign | Source: US Federal Election Commission

According to Future Forward PAC, donations via cryptocurrency are routed through Coinbase Commerce, where the tokens are automatically converted to stablecoin USDC to avoid market volatility.

With contributions from other major figures like Michael Bloomberg and Reid Hoffman, the PAC has raised over $200 million to support Harris. However, this marks the first instance of a crypto donation to the Democrat party campaign.

Majority of Crypto Traders Still Backing Trump

As the 2024 presidential election approaches, crypto has become a central issue for both Democratic candidate Kamala Harris and Republican candidate Donald Trump.

Harris recently indicated that, according to her economic plan, her administration would support innovative technologies like artificial intelligence and digital assets.

Meanwille, Trump promised to end “unlawful and un-American crackdown” on the US crypto industry, at the Bitcoin Nashville conference in July, presenting himself as a pro-crypto candidate.

Since then, high-profile personalities like Elon Musk have also pledged support for Trump, increasing his popularity within the global crypto community.

US President Elections Forecast | Trump (54%) vs Kamala Harris (45.1%), Oct 12, 2024 | Source: Polymarkets

US President Elections Forecast | Trump (54%) vs Kamala Harris (45.1%), Oct 12, 2024 | Source: Polymarkets

Donald Trump has emerged the preferred candidate among majority of cryptocurrency traders, according to data pulled from Polymarkets, a prediction markets platform that allows users to place bets on real-world events with crypto.

At the time of writing on Oct 12, Polymarkets has collected bets worth over $1.7 billion for the US presidential elections. Majority of crypto bettors currently have Donald Trump in pole-position to win, with 54% votes against Kamala Harris’ 45.1%.

Evidently, this shows that Ripple’s support for Kamala Harris is at odds with the opinion of majority of global crypto trading community.

Many anticipate that Larsen’s support for Harris could potentially improve Ripple’s chances at lobbying favorable crypto legislation, which could be crucial for the firms long-term viability after years in litigation.

However, with Trump is the lead, Ripple’s decision to support Harris stance is likely to hurt XRP’s short-term price performance especially if the gap widens.

Ripple vs SEC Appeals: XRP Falls Behind as Uptober Rally Begins

Larsen’s public endorsement of Harris comes at a crucial time for Ripple, which continues its legal battle with the SEC. Over the past week, both both sides have locked horns again, appealing against the final judgment issued in August.

Amid Ripple’s ongoing litigation with the SEC, XRP price has fallen behind the market uptrend in the past two weeks.

Since October 3, the global altcoin market cap (TOTAL3) has grown by $47 billion, reflecting a 8% recovery, according to TradingView readings at the time of writing on Oct 12.

Ripple (XRP) Price Analysis

During this period, positive macroeconomic indicators in the US Non-Farm Payrolls first kickstarted a sector-wide bullish reversal around Oct 3 before the hotter-than-expected CPI report on Oct 10 triggered another wave of buying pressure, propelling the likes of Uniswap (ETH), SUI, and Ethereum (ETH) to new monthly peaks.

Meanwhile the XRPUSD daily chart shows that XRP price is lagging behind the market average, mustering only 6.5% gains during that period as bulls failed to stage a breakout above the $0.55 resistance.

Evidently, traders appear reluctant to take out large LONG positions amid the ongoing litigation between Ripple and the SEC.

XRP Price Prediction: $0.55 Resistance Looms Large

Key technical indicators on daily XRPUSD price chart signals a cautious outlook for the week ahead, having XRP failed to close above its key $0.55 resistance level since the crypto market recovery began around Oct 3.

In the short term, XRP price is expected to remain range-bound between its $0.52 support and $0.55 resistance levels.

First, the Chande Kroll Stop signals that XRP has been consolidating just above a major support level at $0.52. The pivot points also indicate immediate resistance around $0.55, with further upside capped near the R1 level at $0.68, which is an unlikely target unless the broader market momentum strengthens

XRP Price Forecast | XRPUSD

Given the current market conditions and continued uncertainty from Ripple’s ongoing legal battle, a clear breakout appears unlikely. If XRP fails to hold the $0.52 support, a breakdown towards the next significant support level at $0.50, could be on the cards.

On the bullish side, a successful breakout above $0.55 would open the door to a test of the $0.60 psychological resistance, which aligns with the broader market rally. However, XRP’s price movement will largely depend on external factors, such as the outcome of the SEC appeal.

XRP is likely to continue consolidating within its current range, with any upward movement capped by resistance levels in the $0.55–$0.60 zone, while downside risks remain if the $0.52 support gives way.