Elon Musk, CEO of Tesla and SpaceX, has long been a key figure in the cryptocurrency world, known for his outspoken support of Bitcoin and Dogecoin. However, for the first time, Musk directly mentioned XRP, the cryptocurrency associated with Ripple, during a Town Hall meeting in Pittsburgh, Pennsylvania. His unexpected remarks have sparked widespread discussion, particularly among XRP supporters who have long sought his endorsement.
The Town Hall Moment: Musk’s First XRP Reference
At the event, Musk was asked by an attendee whether he envisioned the XRP Ledger being incorporated into financial institutions in the future. Musk responded with measured words, acknowledging the role of cryptocurrency without explicitly endorsing XRP.
“I do think that cryptocurrency is an interesting and probably valuable bulwark against centralized control,” Musk said. He added, “This is definitely not an endorsement or lack of endorsement for XRP,” making it clear that while he acknowledges the potential of cryptocurrencies, he did not want to give the impression of favoring any particular coin.
Musk also reiterated his broader belief in the value of crypto, stating, “crypto by its very nature helps with individual freedom.”
Community Reactions: XRP Enthusiasts on High Alert
The XRP community responded swiftly to Musk’s comments, interpreting his cautious words as more significant than they might appear. One prominent commentator, Vandell, known on X (formerly Twitter) as Black Swan Capitalist (@vandell33), speculated: “Pay attention to how nervous he was. Musk’s response was as unexpected as it was revealing. Why can billionaires endorse Bitcoin & Dogecoin but can’t speak on XRP? Think about it. The silence says it all.”
This sentiment reflects the ongoing desire within the XRP community for a high-profile endorsement from someone like Musk. While Musk’s comments weren’t a direct endorsement, his mention of XRP was enough to fuel further speculation.
Musk’s Previous Interactions with Ripple and XRP
Though this is the first time Elon Musk has publicly spoken about XRP, it is not the first time he has interacted with the broader Ripple ecosystem. In October 2022, Musk commented on developments involving Ripple and the SEC. When the SEC released drafts of former SEC Director William Hinman’s speech on Ethereum, Musk expressed surprise by tweeting “No way” in response to Ripple CEO Brad Garlinghouse’s post. This small but significant reaction hinted at his awareness of the ongoing legal battle between Ripple and the SEC.
Moreover, Musk praised a July 2022 episode of “The All-In Podcast,” which discussed topics including Ripple’s legal issues with regulators, referring to it as a “Good podcast.” These subtle nods have kept XRP enthusiasts hopeful for further engagement from Musk.
Also read: Indicted NYC Mayor Eric Adams’ Crypto Promises Under Scrutiny Amid Legal Troubles
Musk and Cryptocurrency: His History with Dogecoin, Bitcoin, and Ethereum
Musk’s relationship with the cryptocurrency space has largely centered around Dogecoin (DOGE), which he frequently mentions on social media. His public endorsements of Dogecoin during the 2020/2021 bull market contributed significantly to the memecoin’s surge to an all-time high in 2021. Musk’s companies, Tesla and SpaceX, even began accepting Dogecoin as payment for merchandise, cementing his support for the token.
Musk has also made occasional references to Bitcoin (BTC) and Ethereum (ETH), though his involvement with these coins has been less consistent than his Dogecoin advocacy. However, his influence over cryptocurrency markets remains undeniable, as even a single tweet can cause significant price fluctuations.
Speculation Around Crypto Payments on X
In addition to his direct engagement with specific cryptocurrencies, there has been ongoing speculation about Elon Musk’s plans to incorporate digital assets into X (formerly Twitter). Following his acquisition of Twitter and its rebranding to X, many believe Musk aims to transform the platform into an “everything app” that integrates social media with financial services.
Elon Musk has hinted at the possibility of introducing cryptocurrency payments on X, with Dogecoin frequently mentioned as a likely candidate for such a system due to his personal affinity for the token. This potential move has fueled even more speculation within the XRP community, as members hope that XRP could play a role in X’s future financial infrastructure.
What’s Next for XRP and Musk?
Elon Musk’s recent comments on XRP, while cautious, have sparked a wave of speculation within the cryptocurrency community. Although Musk did not endorse XRP, his acknowledgment of the currency, combined with his history of involvement in the crypto space, has left many wondering whether XRP might play a role in his future projects.
As XRP traded at $0.5551 at press time, the market will be watching closely for any further developments. Whether Elon Musk decides to dive deeper into the XRP ecosystem or continues to focus on Dogecoin and Bitcoin, his influence over the crypto market is undeniable. For now, his brief comments have left the XRP community hopeful, yet still searching for more concrete support.
