- Riot Platforms’ Pierre Rochard criticized Chris Larsen’s decision to support Kamala Harris.
- Rochard said Ripple and Ripple co-founder Larsen are “anti-freedom and want to ban Bitcoin.”
- XRP/BTC is down 50% this year as the altcoin is up only 5% in 1 year while BTC is up 110%.
Ripple has announced its support for Kamala Harris in the 2024 presidential race, as the fintech firm faces challenges with the performance of its XRP cryptocurrency against Bitcoin (BTC).
XRP, created by Ripple, has seen a decline in value, trailing behind Bitcoin, the leading cryptocurrency. Ripple co-founder Chris Larsen has also been linked to efforts promoting central bank digital currencies (CBDCs), sparking debates within the crypto market.
Pierre Rochard, vice president of research at Riot Platforms, criticized Ripple and Larsen for their advocacy of CBDCs, claiming they are “anti-freedom” aiming to undermine Bitcoin. Rochard also highlighted XRP’s struggles, pointing out that the cryptocurrency has underperformed Bitcoin over the past year, with XRP/BTC down 50%.
As shown by Rochard’s chart, XRP has underperformed compared to BTC in the last year, leaving investors disappointed. Rochard suggested Larsen’s backing of Harris reflects frustration over XRP’s falling price, as it remains the seventh-largest cryptocurrency by market cap.
XRP: A Struggling Altcoin in 2024
Despite maintaining its spot in the top 10 cryptocurrencies by market capitalization, XRP has struggled throughout this market cycle.
According to the data from CoinMarketCap, XRP is trading at $0.5285, down 2.70% in the past 24 hours with a market cap of $29.76 billion.
Over the past week, XRP has dropped 6.92%, and in the past month, it has plummeted 12.89%. Since September 2023, XRP has gained only 5.91%, while Bitcoin has surged by an impressive 110.70%.
The Relative Strength Index (RSI) for XRP reads a value of 39.37 which confirms that the bears are overall in charge of the digital asset’s price action. However, the gradient of the line suggests a slight uptick in the buying pressure.
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