Elon Musk Mentions XRP At Pennsylvania Rally, Boosts Crypto Prices

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As a seasoned market analyst with over two decades of experience under my belt, I’ve witnessed the crypto landscape transform from a niche concept to a global phenomenon. In light of Elon Musk’s recent comments about XRP during his Pennsylvania rally for Trump, it seems that the billionaire tech mogul continues to steer clear of taking a definitive stance on specific cryptocurrencies while expressing support for the broader digital asset market.

Billionaire Elon Musk was asked about XRP during the Pennsylvania rally. However, Musk preferred to stay neutral – neither for nor against – on XRP while extending his support for the broader crypto market, mentioning crypto uses cases against centralized control. Interestingly, Musk’s mention of crypto has sent the crypto market higher with altcoins playing the leading role.

Here’s What Elon Musk Said When Asked About XRP

During his Pennsylvania rally supporting Donald Trump, Elon Musk came to extend support for President Donald Trump, who’s gaining massive ground against his opponent Kamala Harris. The Poylmarket data shows that Trump has a 60.7% chance of winning against Kamala whose odds have dropped to 38.7%.

At a recent rally for Trump in Pennsylvania, an audience member posed a question to Elon Musk about the SEC’s hostile stance towards cryptocurrencies under the Biden administration. The tech tycoon was asked if he envisions the XRP Ledger being adopted by financial institutions in the future. To this query, Musk replied:

While this statement doesn’t explicitly support or oppose XRP, it does express my belief that cryptocurrencies inherently promote personal autonomy.

As a keen observer in the digital currency landscape, I’ve noticed Elon Musk’s strong advocacy, particularly for technologies like Dogecoin (DOGE) and Bitcoin (BTC). Notably, Tesla, the company he leads, has been holding Bitcoins on its financial reports for over three years.

Additionally, it’s been revealed that Elon Musk has agreed to take on a leadership position within the ‘Department of Government Efficiency’ (D.O.G.E), should Donald Trump regain power. This announcement was made in a playful manner, referencing the DOGE meme cryptocurrency.

Today, Elon Musk’s remarks about XRP and cryptocurrency are sparking a flurry of activity across the market, as Ethereum takes the lead among altcoins with a 4% increase. Other market participants are following suit, also experiencing similar growth.

The Growing Demand for XRP Ledger

Regardless of any legal obstacles, Ripple has persisted in advocating for the use of the XRP Ledger to expedite cross-border transactions. Recently, they unveiled Ripple Custody, a service specifically designed for banks and other financial organizations.

According to recent information from Santiment, there’s been a significant increase in the number of active XRP wallets on the XRP Ledger. In fact, the daily count of unique wallets that have conducted at least one XRP transaction has reached a three-month peak of 35,799.

Additionally, it’s worth noting that the XRP Ledger established an impressive 3,858 new digital wallets in just one day, marking the most significant daily increase in over half a year. This spike in wallet activity suggests a rising level of participation and curiosity towards the XRP network.

Brad Garlinghouse, Ripple’s CEO, has given more insight into when we might expect a potential Ripple Initial Public Offering (IPO). He suggested it could be around 12 months after the upcoming U.S. elections in November, meaning we might not see it until about this time next year.

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2024-10-21 12:08