XRP has seen a significant decline of 5.3% within 24 hours, reaching a price of $0.53 as of October 22, contrasting with a broader market drop of 3%. The recent $10 million donation in XRP by Ripple co-founder Chris Larsen to Kamala Harris’s presidential campaign has sparked skepticism among XRP investors, fearing a potential sell-off of the donated coins. Coupled with this, concerns linger regarding the Democratic Party’s stance on cryptocurrency, particularly with figures like Elizabeth Warren leading anti-crypto sentiments. Additionally, the market is reacting to expectations of slower interest rate cuts by the Federal Reserve, as indicated by recent comments from Dallas Fed President Lorie Logan, which has diminished investor interest in non-yielding assets like cryptocurrencies. Technically, XRP faces resistance at key moving averages around $0.55, and its price testing a lower trendline suggests the potential for continued volatility, with critical support around $0.50 if the downward trend continues.

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