Jim Webb announced on Tuesday that he has dropped out of the 2016 Democratic presidential race and will instead consider running as an independent.

The former Virginia senator criticized both the Republican and Democratic Parties for moving too far away from the center and noted that his ideas align with neither political party. He also cited his frustration with the leaders and structure within the Democratic Party.

"Some people say I am a Republican who became a Democrat, or that I often sound like a Republican in a room full of Democrats or a Democrat in a room full of Republicans," Webb said in an afternoon press conference at the National Press Club. "I fully accept that my views on many issues are not compatible with the power structure and base of the Democratic Party. For this reason I am withdrawing from any consideration of being the Democratic Party's nominee for the presidency."

"The very nature of our democracy is under siege due to the power structure and the money that finances both political parities," Webb added.

When asked if he is still a Democrat, the former Ronald Reagan administration appointee replied, saying, "We'll think about that."

He also said he does not plan to endorse a candidate in either party and will spend the "next couple of weeks talking to people, people I have not felt comfortable talking with as a Democratic Party candidate." He went on to acknowledged that he will face difficulty should he launch an independent run.

Webb's low-key campaign never gained much traction with voters while even some of his close aides said they see his campaign as more of a vanity play than a presidential bid. Unlike the other Democratic candidates, Webb only spent four days campaigning in New Hampshire and 20 days in Iowa.

The other Democratic candidates are front-runner Hillary Clinton, Sen. Bernie Sanders of Vermont, former Maryland Gov. Martin O'Malley and former Rhode Island Gov. Lincoln Chafee.

Watch Jim Webb's resignation speech below.