During a recent rally in Pennsylvania, Elon Musk took a neutral position on XRP when questioned about its future. While Musk didn’t specifically endorse or oppose the altcoin, his general support for the crypto space and its decentralized use cases sparked market excitement.
Musk’s Comments on XRP: Neutral but Impactful
At the Pennsylvania rally, where Musk supported Donald Trump’s campaign, he was asked about XRP and the Securities and Exchange Commission’s (SEC) stance under the Biden administration. Specifically, he was questioned whether XRP Ledger could be integrated into financial institutions. Musk responded without leaning toward support or criticism of XRP, emphasizing his neutral position.
Despite not giving a clear stance, Musk’s mention of cryptocurrency caused a positive ripple effect in the market. Altcoins, particularly Ethereum, saw significant gains, with Ethereum rising by 4%. Musk’s involvement in crypto discussions continues to influence market movements, regardless of his neutrality on XRP.
The Growing Use of XRP Ledger
While legal challenges persist, Ripple is advancing the adoption of XRP Ledger for cross-border transactions. Recently, Ripple announced the launch of Ripple Custody, aimed at banks and financial institutions to streamline settlements.
Data from Santiment shows a surge in active wallets on the XRP Ledger, reaching a three-month high of 35,799 wallets with at least one transaction. Additionally, 3,858 new wallets were created in a single day, the highest in over seven months. This increase highlights rising interest and engagement with the XRP network.
Ripple CEO Hints at Potential IPO Timeline
Ripple CEO Brad Garlinghouse recently addressed the timeline for Ripple’s potential IPO, suggesting it could take another 12 months, depending on the outcome of the U.S. elections.
