Ripple Co-Founder Chris Larsen Endorses Kamala Harris in US Presidential Election, XRP Falls to One-Month Low

• Ripple co-founder and executive chairman Chris Larsen is endorsing Vice President Kamala Harris in the US presidential election.
• Former Ripple board member Gene Sperling left the White House in August to join Kamala Harris’ 2024 presidential campaign.
• XRP fell to a one-month low of $0.5323 on Friday.

Ripple (XRP) co-founder Chris Larsen has joined 88 other business leaders in endorsing Vice President Kamala Harris in the upcoming US presidential election, according to a CNBC report. The remittance firm recently received approval from the Securities and Exchange Commission (SEC) to stay the monetary portion of the final judgment in the SEC vs. Ripple.

XRP fell to $0.5323, a one-month low for the altcoin price.

Daily Market Reasons: Ripple Co-Founder and Former Board Member Endorses Kamala Harris

• SEC process updates vs. Ripple, the shares of the co-founder and former board member and on-chain values ​​are the main market drivers for XRP on Friday.
• Ripple co-founder Chris Larsen joined key business leaders and expressed his support for Kamala Harris’ presidential campaign by signing a letter to endorse Harris for president.
• A former Ripple board member, Gene Sperling, left the White House to join Vice President Harris’ 2024 presidential campaign in August.
• As the November election approaches, crypto community leaders are backing pro-crypto candidates.
• Several members of the crypto community have supported former US President Trump for his promise to end Gary Gensler’s crusade against cryptocurrency. In this regard, Ripple CEO Brad Garlinghouse said on Tuesday in Seoul that he will make a “gentleman’s bet” that the SEC chairman’s term is up, regardless of who wins the US presidential election, according to The Korea Herald.

Technical Analysis: XRP corrects to one-month low at $0.5323

XRP has been in a downtrend for several months. The altcoin fell to $0.5323 early Friday, a one-month low, and recovered slightly after that. However, XRP appears to be on a losing streak for the second week in a row, losing around 2% this week so far.

If the downtrend persists, XRP could extend losses by another 4.72% and sweep liquidity to $0.5188, the lower limit of the disequilibrium zone on the XRP/USDT daily chart. Once there, buyers could take control to let the altcoin attempt a rally towards a key resistance at $0.6217. This marks a key level that XRP has tested as resistance several times since July.

The MACD (Moving Average Convergence Divergence) momentum indicator displays red histogram bars below the neutral line, suggesting that bearish momentum prevails.

XRP/USDT Daily Chart

However, a daily candle close above the upper bound of the fair value gap (FVG) at $0.5785 could invalidate the bearish thesis. In this scenario, XRP could rise towards the mentioned resistance level of $0.6217.