Billionaire Elon Musk was asked about XRP during a rally in Pennsylvania. However, Musk prefers to remain neutral when it comes to XRP, neither for nor against it, while at the same time extending his support to the broader cryptocurrency market and citing examples of uses for cryptocurrencies that go against centralized control. Interestingly, Musk's mention of cryptocurrencies led to a rise in the crypto market, with altcoins playing a leading role.
Here's Elon Musk's answer when asked about XRP
Elon Musk came to show his support for President Donald Trump, who is gaining significant support over his opponent Kamala Harris, during a Pennsylvania rally in support of Donald Trump. . According to PoilMarket data, Mr. Trump has a 60.7% chance of defeating Mr. Kamala, dropping his winning percentage to 38.7%.
During a rally in Pennsylvania supporting Trump, someone in the audience told Elon Musk that given the SEC's hostile approach to cryptocurrencies under the Biden administration, the tech billionaire would not be interested in XRP in the future. I asked him if he thought leisure would be incorporated into financial institutions. In response, Mr. Musk said:
“This is in no way an endorsement or disapproval of XRP, but I believe that cryptocurrencies, by their very nature, lend themselves to individual freedom.”
Elon Musk is an avid supporter of cryptography, particularly Dogecoin (DOGE) and Bitcoin (BTC). Additionally, his electric car company Tesla has had Bitcoin on its balance sheet for over three years.
Musk also teased the DOGE meme coin, while also confirming that he will lead the Department of Government Efficiency (DOGE) if Donald Trump returns to power.
Elon Musk's commentary on XRP and cryptocurrencies moved the entire market today, with Ethereum leading the altcoins with a 4% rise. Other market participants are extending their support with similar benefits.
Growing demand for XRP ledger
Regardless of legal hurdles, Ripple continues to promote the use of the XRP Ledger to facilitate instant cross-border payments. Earlier this month, the blockchain company also announced the launch of Ripple Custody for banks and other financial institutions.
According to the latest data from Santiment, the XRP Ledger has seen a significant spike in active wallet addresses. Daily active wallets with at least one XRP transfer surged to 35,799 unique wallets, a three-month high.
Additionally, the XRP Ledger created a total of 3,858 new wallets in one day. This was the highest in more than seven months. This surge in wallet activity highlights the growing engagement and interest in the XRP network.
Recently, Ripple CEO Brad Garlinghouse provided further clarity on Ripple's IPO, saying it could take another 12 months after next month's US elections.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a deep understanding of financial markets. His interest in economics and finance led him to focus on the emerging blockchain technology and cryptocurrency market. He is passionate about continuous learning and stays motivated by sharing the knowledge he gains. In his free time, Bhushan enjoys reading thriller fiction novels and sometimes hones his cooking skills.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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