- Riot Platforms' Pierre Rochard criticized Chris Larsen's determination to endorse Kamala Harris.
- Rochard stated Ripple and Ripple co-founder Larsen are “anti-freedom and need to ban Bitcoin.”
- XRP/BTC is down 50% this yr as altcoins are up solely 5% in 1 yr whereas BTC is up 110%.
Ripple has introduced its assist for Kamala Harris within the 2024 presidential race because the fintech firm faces issues with the efficiency of its XRP cryptocurrency towards Bitcoin (BTC).
Created by Ripple, XRP has seen a drop in worth and is lagging behind Bitcoin, the main cryptocurrency. Ripple co-founder Chris Larsen has additionally been linked to efforts to advertise central financial institution digital currencies (CBDCs), sparking debate within the crypto market.
Pierre Rochard, vice chairman of analysis at Riot Platforms, criticized Ripple and Larsen for his or her advocacy of CBDC, claiming that they’re “anti-freedom” with the aim of undermining Bitcoin. Rochard additionally highlighted XRP's issues, declaring that the cryptocurrency has underperformed Bitcoin over the previous yr, with XRP/BTC down 50%.
As Rochard's chart reveals, XRP has underperformed BTC over the previous yr, leaving traders disenchanted. Rochard steered that Larsen's endorsement of Harris displays frustration with XRP's falling value because it stays the seventh largest cryptocurrency by market capitalization.
XRP: The Struggling Altcoin in 2024
Regardless of sustaining a place within the high 10 cryptocurrencies by market capitalization, XRP has struggled all through this market cycle.
In accordance with information from CoinMarketCap, XRP is buying and selling at $0.5285, down 2.70% within the final 24 hours, with a market cap of $29.76 billion.
Over the previous week, XRP is down 6.92% and is down 12.89% over the previous month. Since September 2023, XRP has solely gained 5.91%, whereas Bitcoin is up a formidable 110.70%.
The Relative Energy Index (RSI) for XRP stands at 39.37, confirming that bears are largely answerable for the digital asset's value actions. Nonetheless, the gradient of the road suggests a slight enhance in shopping for stress.
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