Tesla CEO Elon Musk made waves in the crypto market during a rally in Pennsylvania when he was asked about his views on XRP (Ripple).
Elon Musk just mentioned $XRP and the price is still at $0.54 pic.twitter.com/pXKV2wklXO
— ROB ART CRYPTO COINS CREW (@SirRobArtII1) October 21, 2024
Known for his past support of crypto assets such as Bitcoin and Dogecoin, Musk maintained a neutral stance on XRP but acknowledged the role of cryptocurrency in promoting individual freedom. His comments, although neutral, contributed to a rise in XRP activity and a broader surge in the cryptocurrency market.
Musk’s Remarks on XRP and Crypto
During the Pennsylvania rally, which was held in support of former President Donald Trump, Musk was asked about the future potential of the XRP Ledger, particularly regarding its incorporation into financial institutions.
In light of the SEC’s stringent stance on crypto under the Biden administration, the question focused on whether Musk saw XRP as part of the future financial landscape.
Musk responded with a cautious but telling statement: “This is not an endorsement or lack of endorsement for XRP, but I do think crypto by its very nature helps with individual freedom.”
His remarks highlighted his ongoing support for the broader cryptocurrency space, emphasizing its potential to decentralize control and empower individuals. However, he avoided taking a direct position on XRP, maintaining neutrality on the specific token.
XRP Market Reaction and Surge in Activity
Nevertheless, Musk’s comments did not influence XRP in any way, positive or negative; the market activity for XRP rose shortly after the rally. As for the information two weeks ago, XRP Ledger actively worked, and many users made the transfers during one day, 35 799 unique wallets, at the same time, 3 858 new human wallets were added.
This increase in activity shows that people are once again interested in the altcoin, and this might be due to Musk’s recent general support towards the usage of the decentralized currency to disrupt centralized systems.
XRP’s price also reacted positively, with a 2.40% increase over the last 24 hours. At the time of reporting, XRP was trading at $0.5541, with a market cap of $31.42 billion.
Source: CoinMarketCap
Over the same period, trading volume rose, reaching $1.22 billion, a 114.31% increase. This surge in volume indicates a robust market response, with investors likely encouraged by Musk’s comments on cryptocurrency freedom, even if he stopped short of endorsing XRP specifically.
Technical Analysis: Bollinger Bands and MACD Indicators
From a technical analysis standpoint, XRP’s price shows positive momentum. The price chart shows XRP trades near the upper Bollinger Band at $0.5553, indicating it is nearing overbought conditions.
Historically, prices that reach the upper band often face corrections, but XRP has shown volatility in the past, with notable price spikes in July and September followed by pullbacks.
The MACD indicator supplements this for bull movement. The MACD line crossed recently slightly above the signal line and attained a plus value of 0.0027 which means the trend is upwards.
Source: TradingView
Furthermore, the histogram bars are now green instead of red, strengthening the belief that there may be an impending bullish run. However, the evident previous downtrend with October’s low indicates the direction should be cautiously approached with the following potential resistances.
The post XRP Price Update October 21: Ripple XRP Climbs 2.4% After Musk Mention: But Will Resistance Hold? appeared first on Coinfomania.
