The post XRP Price Risks Crash to $0.45 As Chris Larsen Endorses Kamala Harris appeared on BitcoinEthereumNews.com.

XRP price dropped below a crucial support level on September 6 following a global stock market downturn because of an unfavorable PMI report. The Bitcoin price also broke a key support level, causing the entire market to drop. Meanwhile, XRP has additional concerning news as Chairman of Ripple Chirs Larsen backs Kamala Harris for president in the November elections. Will the price of XRP survive this, among other worrying economic factors? Chris Larsen Backs Harris, Good For XRP Price? In a new letter shared by CNBC on Friday, 88 business leaders, including Chris Larsen, have endorsed Vice President Kamala Harris for president. This move puzzled most of the XRPArmy, as the Biden-Harris government, through the U.S. Securities and Exchange Commission (SEC), has been hostile toward cryptocurrencies. The move comes when the U.S. government’s crackdown on crypto is at an all-time high, and the global economic outlook is bleak. Although Ripple recently won against the SEC, reducing their penalty from $2 billion to $125 million, supporting a high-profile political figure who is publicly anti-crypto could polarize opinions, attracting critics and potentially frightening off investors.’ Ripple price has decreased by 1.6% in the last 24 hours, trading at $0.5225. Fears of Recession Could Ignite Crypto Sell-Off The largest economy in the world may be heading into murky waters, as last week’s PMI report showed that manufacturing is weakening. The labor market is also softening, as August’s jobs report was underwhelming, with unemployment rates still relatively low.   Additionally, the U.S. Yield Curve, which tracks, turned positive again (uninverted) for the first time in over two years. Last week, the inversion has recently “uninverted,” meaning long-term rates are no longer lower than short-term rates, predicting another recession is dangerously close.  In case of a recession scenario, cryptocurrencies, including XRP price, which are known for…

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Filed under: News - @ September 9, 2024 3:10 am