XRP Markets React to Political Shifts as Key Figures Make Strategic Moves

Tesla and SpaceX CEO Elon Musk has thrown his support behind John E. Deaton’s Senate campaign, sending ripples through the XRP community. Deaton, who represented 75,000 XRP holders in the SEC vs. Ripple case, has emerged as a prominent challenger to Senator Elizabeth Warren in Massachusetts.

Coinbase CEO Brian Armstrong amplified the endorsement, criticizing Warren’s role in appointing SEC Chair Gary Gensler, while Musk’s simple “Yes” response to Armstrong’s statement carried substantial weight in the crypto community.

Ripple Co-founder’s Bold Move: $10M XRP Donation to Harris Campaign

In a striking development, Ripple co-founder Chris Larsen has amplified his support for Vice President Kamala Harris’s presidential campaign with a $10 million XRP donation to the Future Forward PAC. “It’s time for the Democrats to have a new approach to tech innovation, including crypto,” Larsen stated on X, expressing confidence that Harris “will ensure that American technology dominates the world.”

Ripple CEO Brad Garlinghouse endorsed Larsen’s move, emphasizing that crypto policy transcends party lines: “It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation.”

Market Outlook: Presidential Election’s Impact on XRP Price

XRP’s price movements remain closely tied to both political developments and ongoing SEC litigation. Trading at $0.5451 after a 0.53% decline, XRP has shown resilience compared to the broader crypto market, which saw its total market cap fall 2.22% to $2.282 trillion.

The presidential race between Harris and Trump has emerged as a crucial factor for XRP’s price trajectory. According to Polymarket, Trump’s chances of victory have increased to 64.1%, though national polls show Harris leading by 1.8 points. A Trump victory could significantly impact XRP’s price, given his pledge to dismiss SEC Chair Gary Gensler and potentially influence the ongoing SEC appeal against Ripple.

Technical analysis suggests XRP faces immediate resistance at $0.5739, with potential for a breakout above $0.60 depending on election outcomes and SEC developments. The asset currently trades below both its 50-day and 200-day EMAs, with a 14-day RSI reading of 46.89 indicating room for movement in either direction.

As the January 2025 deadline for the SEC’s appeal-related opening brief approaches, market participants remain focused on both legal developments and political outcomes that could reshape XRP’s regulatory landscape and price action in the months ahead.