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XRP adds $1 billion after Elon Musk mentions the token On Sunday, October 20, billionaire Elon Musk hosted a town hall meeting in support of Republican presidential candidate Donald Trump in Pittsburgh, Pennsylvania. Musk's extraordinary ability to attract publicity was on full display - the event marked the second instance in which the tech mogul gave, a $1 million check to a rally attendee who had signed his online petition. However, this event did stand out - it had a noticeable and immediate effect on financial markets - crypto markets, to be more precise. This time, Musk did not talk about his favored digital assets, such as Bitcoin (BTC), Dogecoin (DOGE), or Ethereum (ETH) - instead, the billionaire mentioned XRP.(XRP) for the firs time in a public setting.
This single mention - which Musk outright stated was neither an endorsement nor the lack of an endorsement, was enough to generate a marked increase in both XRP activity and price.
Musk's XRP mention ignites a flurry of activity XRP has been the subject of a longstanding legal proceeding between the SEC and Ripple Labs. After an initial ruling was made, largely in Ripple Labs' favor, the SEC appealed the decision on October 17.
What's more, the appeal is centered around the main subject of the proceeding - whether or not XRP is a security. With uncertainty reintroduced into the mix, XRP has been relatively stagnant — at press time, prices h declined by 9% year-to-date (YTD). #TeslaTransferBTC #USStockEarningsSeason #BTCSoarsTo68K #XRPGoal
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