Ripple co-founder Chris Larsen commented on Brian Armstrong's post, saying:
“It's time for Democrats to take a new approach to technological innovation, including cryptocurrencies. I believe Kamala Harris will ensure American technology dominates the world, so I'm here to support her.” We are donating $10 million in XRP to
Ripple CEO Brad Garlinghouse expressed his support for Chris Larsen and emphasized the importance of bipartisan support for pro-crypto policies, saying:
“This is not a partisan issue. It’s about championing policies that advance blockchain and cryptocurrency innovation.”
US Presidential Election and SEC Appeal: What's at Risk for XRP?
The outcome of the US presidential election could be crucial for Ripple and XRP. In July, Donald Trump vowed to fire SEC Chairman Gary Gensler on his first day in office. If Donald Trump wins the election and fires Gary Gensler, the SEC could drop its appeal against Ripple.
The Ripple appellate schedule allows the SEC to withdraw an appeal before it files an appellate-related opening brief. If the SEC requests a 30-day extension, the SEC must file appeal-related briefs by January 2025.
While Kamala Harris has expressed support for innovation and the US digital space, investors may see Trump as a stronger supporter of cryptocurrencies.
According to betting site Polymarket, Mr. Trump's odds of winning the election rose from 55.1% on October 15th to 64.1% on October 22nd. However, national polls show Harris with a 1.8 point lead.
There is also speculation that several crypto whales are placing large bets on Trump's victory, skewing the odds. Nevertheless, prominent people view betting sites as a more accurate measure of the expected outcome. Elon Musk recently expressed that he prefers polymarket odds to national polls, saying:
“Trump currently has a 3% lead over Kamala in the betting market. It's more accurate than polls because real money is at stake.”
XRP Price Outlook: Impact of SEC Appeal and Presidential Election
While investors await opening briefs related to the SEC's appeal, the U.S. presidential election could be the center of attention.
If national polls and betting odds shift in Trump's favor, demand for XRP could increase. Hoping that the SEC drops the appeal, XRP could break through $0.60 and aim for the July 2023 high of $0.9327. Conversely, hopes of a Harris victory could push XRP below $0.50, with future price trends dependent on the outcome of the appeals process.
