X Chairman and SpaceX founder Elon Musk has shared a major XRP spotlight, the first time he’d be making comments on the asset
Tesla founder and Dogecoin (DOGE) proponent Elon Musk recently mentioned Ripple’s affiliated cryptocurrency, XRP, in a public discourse. His actions quickly sparked heightened discussions within the online crypto community about what it means for XRP’s future price movement.
Elon Musk Endorsing XRP?
Elon Musk mentioned XRP in response to a question from a participant at a Pittsburgh, Pennsylvania, town hall. The XRP Army reacted enthusiastically to Musk’s comments, with some claiming he secretly supports the digital asset.
Popular trader Cobb on X even opined that Musk may have endorsed the cryptocurrency. Cobb shared a short video clip on X, which revealed Musk mentioning the XRP coin. In the video caption, Cobb wrote, “ELON MUSK JUST SAID #XRP OMFG.”
While his post reeks of excitement about Elon Musk endorsing XRP, it was in response to a question regarding XRPL integration in traditional finance. Specifically, Musk was asked if he envisions XRP Ledger’s integration into financial institutions in the future, considering opposition from the US SEC under the current administration.
Rather than discussing XRP specifically, Musk offered his thoughts on cryptocurrencies in general. Musk believes crypto is an interesting and valuable bulwark against centralized control. He stressed that his opinion is not an endorsement or lack of endorsement for XRP. However, the tech leader concluded that crypto, by its very nature, helps with individual freedom.
Elon Musk’s Crypto Involvement
Musk’s mention of crypto can be traced back to 2014 when a documentary photographer asked his stance on the novel concept. Musk shared doubts at the time, stating, “Well, now that Satoshi Nakamoto has been discovered, I guess the case is closed.”
Moving on, Musk mentioned Dogecoin for the first time in 2019, tweeting that the memecoin might be his favorite cryptocurrency. DOGE’s price skyrocketed from $0.002 on April 1 to $0.004 on April 4 on account of Elon Musk’s support.
To this day, Musk periodically mentions DOGE on his X platform, with each post contributing to major swings in price. He claims Dogecoin is a currency of the people and opined it is better suited to payments than Bitcoin. However, in July this year, he declared publicly that he has no plans to promote any cryptocurrency unless jokingly, and hopefully, XRP will join the list.
