Newton Gitonga
SpaceX and Tesla CEO Elon Musk discussed various topics during his political rally in Pennsylvania.
When questioned about crypto regulations in the United States and his opinion on the XRP Ledger’s potential adoption by financial institutions, Musk remained neutral on XRP while affirming support for the overall cryptocurrency market.
The Tesla billionaire emphasized that “crypto, by its very nature, helps with individual freedom.”
BREAKING: 🇺🇸 ELON MUSK ASKED ABOUT $XRP!
Elon Musk was asked— “Do you envision the XRP Ledger being incorporated into the financial institutions in the future”
Elon responded by stating — “ This is definitely not an endorsement or lack of endorsement for XRP, but I do think…
Meanwhile, the digital assets space reflected the optimism painting price charts green, with altcoins leading the upside.
XRP maintained upsides over the weekend, changing hands at $0.5517 after gaining 3% in the past day.
Elon Musk’s stance on XRP
Elon Musk continued to show support for Donald Trump in his Pennsylvania tour.
The former president continues to witness massive support as the election approaches (according to Polymarket).
Meanwhile, an individual questioned the SEC’s stance on digital tokens under the current Biden regime and whether financial institutions would incorporate XRP Ledger (in the future). Elon Musk maintained a neutral outlook on Ripple’s token.
Meanwhile, his positive stance towards the broad crypto market triggered visible optimism.
The US SEC has attacked XRP over the past years, calling it a security token. While the Judge ruled that the remittance coin did not violate the set laws, the agency appealed the verdict early in October.
The appeal saw many crypto proponents criticizing the SEC’s approach to cryptocurrency regulation, with many anticipating massive changes if Trump wins the November elections.
Elon Musk supports pro-XRP attorney Deaton to replace Senator Warren
Tesla CEO affirmed his support for XRP-friendly lawyer John Deaton to replace Senator Elizabeth Warren – who works with Gary Gensler to “kill the crypto industry in America.”
Musk replied to Coinbase CEO and co-founder Brian Armstrong, who has attacked the SEC since it sued his exchange, even inviting the regulator for a court battle.
Meanwhile, Musk’s “Yes” response aligns with Armstrong’s views, supporting Deaton to replace Elizabeth Warren during the upcoming Massachusetts Senate voting.
Moreover, the solid response revealed his trust that Warren’s anti-crypto stance would continue to hurt financial freedom in the US.
XRP’s current price action
The altcoin traded at $0.5517 following a nearly 3% increase over the past day. XRP flashes bullish signals, and the 90% surge in daily trading volume indicates optimism for continued price gains.
The massive community support ahead of the upcoming elections, which remained tied to crypto than before, could help XRP absorb any SEC-triggered bearishness amidst a broad-based crypto bull run.
Moreover, the regulator has lost credibility over the years. Thus, Ripple’s altcoin could finally rally like other top digital assets in the upcoming bull run.
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