Elon Musk Takes Neutral Stance on XRP, Advocates for Broader Crypto Freedom at Pennsylvania Rally
Highlights:
- During a discussion about the XRP Ledger, Elon Musk emphasized that "crypto" inherently promotes individual freedom.
- Musk has previously shown strong support for cryptocurrencies, particularly Bitcoin and Dogecoin.
- The XRP Ledger experienced a notable uptick in activity, with 35,799 unique wallets making transactions in just one day and 3,858 new wallets created.
Billionaire entrepreneur Elon Musk found himself at the center of attention during a recent rally in Pennsylvania, where he was questioned about XRP. In response, Musk opted for a neutral position—neither endorsing nor opposing the altcoin—while reaffirming his belief in the importance of cryptocurrencies in fostering personal freedom. His comments seemed to resonate with the crypto community, resulting in a boost for the market, particularly for altcoins.
What Musk Shared When Inquired About XRP
At the Pennsylvania rally, Musk was present to support Donald Trump, who appears to be gaining momentum against his opponent Kamala Harris. According to Pollmarket data, Trump currently holds a 60.7% probability of winning, while Harris’s chances have diminished to 38.7%.
When an audience member asked Musk about the SEC’s adversarial stance on cryptocurrencies under the Biden administration and whether he believes the XRP Ledger could be integrated into traditional financial systems, he responded:
“This isn't an endorsement or a rejection of XRP; rather, I believe that crypto fundamentally promotes individual freedom.”
Musk has long been a vocal advocate for cryptocurrency, with a particular fondness for Dogecoin (DOGE) and Bitcoin (BTC). His company, Tesla, has held Bitcoin on its balance sheet for over three years.
In addition, Musk teased his potential role leading the 'Department of Government Efficiency' (D.O.G.E) should Trump regain power, further nodding to the DOGE meme coin.
Musk's commentary on XRP and cryptocurrencies has invigorated the market today, with Ethereum and other altcoins registering gains of around 4%.
Rising Interest in XRP Ledger
Despite ongoing legal challenges, Ripple continues to promote the XRP Ledger for facilitating rapid cross-border transactions. Earlier this month, the blockchain company announced the launch of Ripple Custody aimed at banks and financial institutions.
Recent data from Santiment reveals that the XRP Ledger has seen a significant rise in active wallet addresses. Daily active wallets, with at least one XRP transfer, reached a three-month high of 35,799 unique wallets.
Moreover, the XRP Ledger recorded 3,858 new wallets created in a single day—the highest number in over seven months. This surge reflects a growing engagement and interest in the XRP ecosystem.
In a related note, Ripple CEO Brad Garlinghouse recently provided insight regarding the potential Ripple IPO, suggesting it may take an additional 12 months following the upcoming U.S. elections.
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