Elon Musk Mentions XRP At Pennsylvania Rally, Boosts Crypto Prices

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%.

During his Pennsylvania rally for Trump, someone from the audience asked Elon Musk considering SEC’s hostile approach towards crypto under the Biden administration, does the tech billionaire sees the XRP Ledger getting incorporated into financial institutions in the future. Responding to this, Musk said:

“This is definitely not an endorsement or lack of endorsement for XRP, but I do think crypto by its very nature helps with individual freedom.”

Elon Musk has been an ardent proponent of the crypto tech, especially Dogecoin (DOGE) and Bitcoin (BTC). Furthermore, his electric car company Tesla holds Bitcoins on its balance sheet for more than three years now.

Besides, Musk has also confirmed his role to lead the ‘Department of Government Efficiency’ (D.O.G.E) if Donald Trump comes to power once again while teasing the DOGE meme coin.

Elon Musk’scommentary on XRP and crypto has got the entire market rolling today with Ethereum leading altcoins with 4% gains. Other market players have also extended support with similar gains.

The Growing Demand for XRP Ledger

Irrespective of the legal hurdles, Ripple has continued to push the use of XRP Ledger to facilitate instant cross-border settlements. Earlier this month, the blockchain firm also announced the launch of Ripple Custody for banks and other financial institutions.

As per the latest data from Santiment, the XRP Ledger has witnessed a strong surge in active wallet addresses. The daily active wallets with at least one XRP transfer have surged to a three-month high of 35,799 unique wallets.

Furthermore, the XRP Ledger created a total of 3,858 new wallets in a single day, the highest recorded in over seven months. This surge in wallet activity highlights growing engagement and interest in the XRP network.

Recently, Ripple CEO Brad Garlinghouse provided additional clarity on the Ripple IPO stating that it could take another 12 months following the US elections next month.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.