Prominent Crypto Expert Elite Crypto Abandons XRP, Citing Price Stagnation and Controversial Larsen Donation

Elite Crypto made it clear that they no longer view XRP as a viable investment option, underscoring two primary reasons behind this stance.

Prominent crypto influencer Elite Crypto recently announced their decision to disengage entirely from XRP, citing frustrations with its price performance and a controversial political donation by Ripple co-founder Chris Larsen.

Elite Crypto, known for their large following and commentary on crypto trends, shared their stance on XRP in a recent post on X, outlining two primary reasons for their decision.

Discontent with XRP Price Stagnation

Elite Crypto’s first issue with XRP stems from its prolonged lack of price movement, expressing their preference for cryptocurrencies with higher volatility and growth potential.

In their post, Elite Crypto likened XRP to a “stablecoin” due to its consistently narrow trading range over the past two years, with minimal volatility. This lack of price動きな surprising, considering the broader cryptocurrency market has seen numerous projects achieve substantial price increases, especially during recent bull cycles.

While XRP’s trajectory remained largely unmoved by the market rally, Elite Crypto and other investors questioned whether the token would ever regain the momentum witnessed during earlier market cycles, creating an environment of skepticism among stakeholders.

Community Outrage Over Ripple Co-Founder’s $10 Million Donation

The second reason behind Elite Crypto’s departure from XRP is linked to a recent political donation by Ripple co-founder Chris Larsen, specifically his contribution of $10 million in XRP to U.S. Vice President Kamala Harris’ campaign.

This donation sparked widespread criticism within the XRP community, especially given the Biden administration’s critical stance on cryptocurrencies. While the Ripple lawsuit began under the previous administration, the case escalated under President Biden’s leadership.

Despite the administration’s close monitoring on Ripple and XRP holders, Larsen’s decision to support Harris’ campaign left a sour taste in the mouths of many XRP investors.

Elite Crypto, who openly shared their political support for former President Donald Trump in their post, expressed disapproval of the donation, which further fueled their decision to disengage from XRP.

XRP Community Members Slam Larsen’s Decision

Within the XRP community, Larsen’s donation immediately sparked outrage, with community member Nietzbux criticizing the decision and highlighting its potential narrative shift from “Ripple dumps XRP on holders” to “Kamala dumps XRP on holders.”

This sentiment is linked to Ripple’s practice of unlocking 1 billion XRP each month from escrow, with approximately 200 million tokens being sold each month to support operations. While investors have often raised concerns about Ripple’s sales practices, this transaction further compounds the problem from a different angle.

According to Nietzbux, the donation will be liquidated to fiat to support Harris’ campaign, creating a new and unwelcome development in the XRP ecosystem.