- Elon Musk’s comments on crypto boosts market confidence, causing XRP and Ethereum to rise.
- The XRP Ledger saw increased wallet activity amid SEC’s appeal against Ripple Labs.
As a seasoned researcher with years of experience observing and analyzing the crypto market, I find it fascinating to witness the intricate dance between influential figures like Elon Musk and the ever-evolving world of digital assets. While Musk’s comments about XRP might not have been an explicit endorsement, his mere mention of the cryptocurrency in a public forum has sparked a ripple effect across the market, much like how his tweets can send Dogecoin soaring or plunge Bitcoin into turbulence.
Known technology innovator and leader of both Tesla and SpaceX, Elon Musk, is frequently vocal about his support for the digital currency Dogecoin [DOGE]. He often utilizes his influence to promote his preferred crypto asset.
However, following accusations of misleading investors by supposedly manipulating DOGE and engaging in insider trading, resulting in massive financial losses amounting to billions, Musk opted for a temporary withdrawal from active involvement.
On August 29th, a federal lawsuit against him was thrown out by U.S. District Judge Alvin Hellerstein in Manhattan.
Despite this dismissal, Musk maintained his stance against promoting cryptocurrencies.
Musk’s mention of XRP sparks debate
At a point when things appeared tranquil, Elon Musk stirred up debates once more by casually mentioning Ripple’s associated cryptocurrency, XRP, during a public gathering in Pittsburgh, Pennsylvania.
At a recent Trump rally, someone asked about the Securities and Exchange Commission’s hostile stance towards cryptocurrencies under the Biden administration, and if Elon Musk anticipates the XRP Ledger being embraced by banks and financial institutions in the future.
Replying to this, Musk said,
While this statement does not signify an approval or disapproval of XRP specifically, it’s worth noting that cryptocurrencies inherently promote personal liberty.
Musk’s actual crypto endorsements and their impact
It seems likely that this occasion is where Musk showed his backing, by putting on a well-known “Make America Great Again” hat and calling himself ‘Dark MAGA.’ In simpler terms, it’s possible that this event is where he publicly supported the movement and adopted the nickname.
“As you can see, I am not just MAGA, I’m dark MAGA.”
Consequently, the cost of MAGA went up by 20%, and remarkably, Dark MAGA (DMAGA) experienced a staggering increase of 227% and reached around $0.0073.
Indeed, it’s not just Dogecoin (DOGE) and Dogecoin Classic (DMAGA) that Elon Musk has been associated with; he has also actively supported several other digital currencies.
To give you an example, earlier, he posted about the frog-themed digital currency called Pepe [PEPE] on his platform, resulting in a significant 23% increase in its value.
Impact on XRP as a whole
Instead, it’s crucial to understand that when Musk shared his views, he was discussing the concept of cryptocurrencies in general, not necessarily XRP exclusively.
He characterized them as “an interesting, potentially beneficial means to protect against central authority” and emphasized their possible contribution towards fostering financial autonomy.
Although Elon Musk didn’t explicitly support XRP, his comments on cryptocurrencies have set off a chain reaction of optimism throughout the market. Notably, Ethereum [ETH] has been at the forefront among altcoins, experiencing a 4% increase.
Other cryptocurrencies have also seen similar gains.
Based on recent figures from CoinMarketCap, XRP’s current price stands at approximately $0.5542. This represents a 2.41% rise in the last day and a 3% growth over the past week.
Moreover, as per the latest findings by Santiment, we’ve seen a substantial spike in activity on the XRP network, with an impressive 35,799 distinct wallets recording daily transactions, marking a three-month peak in engagement.
Indeed, it came as no surprise that the XRP Ledger welcomed 3,858 fresh wallets in a single day – a figure not seen for wallet creation in more than half a year.
What lies ahead?
This increase in occurrence corresponds to the Securities and Exchange Commission (SEC) submitting a ‘Preliminary Statement for Oral Argument in a Civil Appeal’ against Ripple Labs, signaling their intent to challenge a prior court decision in the ongoing legal dispute.
In essence, although Elon Musk didn’t explicitly support XRP, his reference to it may have a favorable impact on the ongoing legal battle between XRP and the SEC.
Therefore, this increased focus could potentially lead to better times for XRP, as it has faced challenging conditions in a prolonged bear market.
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2024-10-22 03:36