At a recent rally in Pennsylvania supporting Donald Trump, Elon Musk was asked about XRP amidst ongoing scrutiny from the SEC.
Musk maintained a balanced status, neither supporting nor criticizing XRP, saying, “This is definitely not an endorsement or lack of endorsement for XRP, but I do think crypto by its very nature helps with individual freedom.”
His comments struck a chord with the crowd, igniting interest in the cryptocurrency industry. As a key component of his support for decentralized technologies, Musk also emphasized how cryptocurrencies can threaten centralized authority.
Musk’s mention of crypto has notably impacted the market, with altcoins like Ethereum leading gains. Ethereum surged by 4%, and other cryptocurrencies followed suit, signaling strong market reactions to Musk’s comments.
While Musk avoided taking a stance on XRP, his influence on the broader crypto market was clear, especially given his past support for Bitcoin and Dogecoin.
Interestingly, Musk has also confirmed his commitment to lead the “Department of Government Efficiency” (D.O.G.E) if Trump wins the presidency in 2024, playfully referencing the popular meme coin Dogecoin.
In the meantime, Ripple has been increasing the usage of the XRP Ledger for international transactions despite legal obstacles. Recent data from Santiment shows a surge in activity on the XRP network, with daily active wallets reaching a three-month high.
In one day alone, 3,858 new XRP wallets were created, the highest number in over seven months, indicating growing interest in the network.
According to a statement from Ripple CEO Brad Garlinghouse, the company’s plans for an IPO may not proceed for another year, maybe due to the results of the next U.S. elections.
Despite Musk’s comments sparking initial excitement, the crypto market has since cooled, with prices, including Bitcoin, Ethereum, and altcoins, starting to decrease.
Also Read: SEC Appeals Ripple Court Ruling on XRP Status as Security
