NAIROBI (CoinChapter.com) — Elon Musk, CEO of Tesla and SpaceX, recently commented on XRP, sparking excitement among its supporters. During a town hall in Pittsburgh, Pennsylvania, Musk was asked if XRP Ledger could be incorporated into U.S. financial institutions in the future. His response was measured, stating that “This is definitely not an endorsement or lack of endorsement for XRP, but I think crypto by its very nature helps with individual freedom.”.
First Time Musk Mentions XRP in Public
Musk’s comments come amid ongoing regulatory scrutiny by the SEC against Ripple, the company closely tied to XRP. Instead of offering a clear opinion on XRP’s role in finance, Musk focused on the broader value of cryptocurrencies. He highlighted that crypto helps with individual freedom by its very nature. However, his clarification that he was neither endorsing nor rejecting XRP left the door open for speculation within the crypto community.
Elon Musk discusses XRP and crypto freedom. Source: X
Musk’s public comments on XRP may be new, but his indirect references to Ripple are not. In Oct. 2022, Musk expressed surprise after the U.S. Securities and Exchange Commission (SEC) released drafts of former SEC Director William Hinman’s speech on Ethereum to Ripple. Musk’s response was brief, tweeting: “No way.”
Months later, Musk referenced Ripple again. He praised an episode of “The All-In Podcast,” which discussed topics like inflation, market trends, and Ripple’s legal challenges.
Despite this, his loyalty appears to remain with Dogecoin, which he has consistently promoted, contributing to its price surge during the 2020-2021 bull run.
XRP/USD 1-day chart. Source: CoinMarketCap
Currently, XRP is trading at $0.5582, reflecting a 3.46% increase over the past 24 hours.
Community Reacts to Musk’s Comments
Despite the fact that Musk’s recent statement did not take a clear position on XRP, the XRP community showed enthusiasm. His mention of XRP, even with disclaimers, was enough to spark excitement among its supporters. Several XRP enthusiasts took to X to express their hopes that Musk might eventually back the cryptocurrency.
Vandell, known as Black Swan Capitalist on X, shared his views on the cautious tone in Musk’s comments, suggesting that billionaires openly discuss Bitcoin and Dogecoin, but hesitate when it comes to XRP.
Meanwhile, users like Amelie shared their excitement on X, thrilled that Musk had publicly mentioned XRP.
While Musk’s comments stirred excitement, they didn’t signal any shift in his position. Unlike his clear backing of Dogecoin, which helped drive its price to new highs, Musk’s tentative mention of XRP did not trigger dramatic results for Dogecoin’s price.
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