- Elon Musk talked about XRP for the primary time in a viral video.
- He said that cryptocurrencies like XRP promote freedom from centralized management.
Elon Musk, the CEO of Tesla and proprietor of X (previously Twitter), sidestepped a query concerning the potential future integration of the XRP Ledger into the worldwide monetary system. In a latest video, Musk was requested whether or not XRP can grow to be a part of the worldwide monetary system, realizing that the U.S. Securities and Change Fee has been fairly important of cryptocurrencies.
Musk replied with a generalized view of cryptocurrencies, saying that they’ve worth, together with XRP. He famous that digital belongings assist to counterbalance the centralized energy of the monetary system and help freedom.
Whereas discussing broader matters like politics and the financial system, Musk famous the significance of cryptocurrencies as a way of defending private freedom. Nevertheless, he didn’t give a direct view of XRP, which is without doubt one of the greatest cryptocurrencies by market capitalization.
BREAKING: 🇺🇸 ELON MUSK ASKED ABOUT $XRP!
Elon Musk was requested— “Do you envision the XRP Ledger being integrated into the monetary establishments sooner or later”
Elon responded by stating — “ That is positively not an endorsement or lack of endorsement for XRP, however I do suppose… pic.twitter.com/Y4fndBjiFg
— Good Morning Crypto (@AbsGMCrypto) October 20, 2024
Nevertheless, Musk said that his feedback weren’t an endorsement or disapproval of XRP as a digital asset. He stated that in the identical means, XRP and different cryptocurrencies have their values within the monetary system, one mustn’t take his phrase as endorsing any explicit asset.
Reactions from the Crypto Neighborhood
This response to Musk’s obscure reply was met with divided opinion from the cryptocurrency neighborhood. There are individuals in X who declare that Musk appeared fairly uncomfortable when he was requested about XRP, and many individuals suppose that the query took him unexpectedly. Another individuals together with the host of the Good Morning Crypto YouTube Channel, reckoned that Musk was very cautious in the way in which he had introduced his response.
Some customers even famous that Musk’s reply was just like SEC Chair Gary Gensler dodging questions on Ethereum being a safety. There are those that suppose that Musk’s lack of touch upon XRP implies that there’s a extra important, unknown plan regarding the way forward for the token inside the monetary market.
Ripple Continues Authorized Battle with SEC
The city corridor point out of XRP comes at a time when the token continues to be combating authorized battles with the U.S. Securities and Change Fee (SEC). The regulatory physique had filed a lawsuit in opposition to Ripple again in 2020, accusing the agency of conducting securities gross sales of XRP. Ripple received the primary spherical in 2023, however the SEC appealed the choice, which led to the protraction of the case.
The XRP neighborhood stays unfazed by Musk’s silence as they proceed to advocate for the token. The XRP military, a bunch of fans, has been extra so vocal, particularly on social media platforms like X particularly after the SEC filed its formal attraction. Ripple is predicted to file its cross-appeal within the coming days and because the firm stays dedicated to the battle on the classification of XRP as non-security.
Whereas that is the primary time Musk has instantly talked about XRP, he has beforehand made feedback about Ripple. In October 2022, Musk responded to the information that the SEC delivered drafts of former SEC Director William Hinman’s Ethereum speech to Ripple’s authorized advisors.
