Elon Musk also teased leading a hypothetical “Department of Government Efficiency” (D.O.G.E.) if Trump wins.
People questioned billionaire Elon Musk about XRP during the Pennsylvania event. Musk, on the other hand, chose to maintain a neutral stance that was neither in favor of nor opposed to XRP.
At the same time, he extended his support for the cryptocurrency market as a whole and mentioned crypto use cases that were against centralized control. With altcoins playing a major role, it’s interesting to note that Musk’s mention of cryptocurrency has caused the market to surge.
Here’s What Elon Musk Said When Asked About XRP
Elon Musk traveled to Pennsylvania to show his support for President Donald Trump, who is making significant progress against his opponent Kamala Harris. Musk organized the event to support Trump, who is currently leading the race.
According to the data provided by Poylmarket, Trump has a 57 percent chance of winning over Kamala, whose odds have decreased to 38 percent. During his Trump rally in Pennsylvania, a member of the crowd questioned Elon Musk about his belief in the future integration of the XRP Ledger into financial institutions.
“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.”
The SEC’s negative stance toward cryptocurrency during President Joe Biden’s administration prompted this question. As a response to this, Musk stated that he has been a staunch supporter of cryptocurrency technology, particularly Dogecoin (DOGE) and Bitcoin (BTC).
As an additional point of interest, his electric car firm Tesla has been keeping Bitcoins on its balance sheet for more than three years now. Additionally, Musk has teased the DOGE meme coin while confirming that he will lead the “Department of Government Efficiency” (D.O.G.E.) should Donald Trump win another presidential election.
Today’s market is in a frenzy as a result of Elon Musk’s commentary on XRP and cryptocurrency, with Ethereum leading the pack among alternative cryptocurrencies with a rise of 4%.
The Growing Demand for XRP Ledger
Other market participants have also provided support, resulting in gains that are comparable. Despite facing legal obstacles, Ripple continues to promote the use of XRP Ledger for instantaneous, cross-border settlements.
The blockchain company also made an announcement earlier this month regarding the launch of Ripple Custody, which is designed for use by banks and other financial institutions.
Santiment’s most recent information indicates a significant increase in the number of active wallet addresses on the XRP Ledger. The number of daily active wallets comprising at least one XRP transfer has reached a three-month high of 35,799 distinct wallets.
This trend is expected to continue.In addition, the XRP Ledger was responsible for the creation of 3,858 new wallets in a single day, which is the greatest number of wallets registered in more than seven months.
The observed rise in wallet activity highlights the increasing participation and interest in the XRP network.
The CEO of Ripple, Brad Garlinghouse, has given additional clarity on the Ripple initial public offering (IPO), noting that it could take an additional year following the elections in the United States that will take place next month.
