•  Elon Musk’s comments on crypto boosts market confidence, causing XRP and Ethereum to rise.
• The XRP Ledger saw increased wallet activity amid SEC’s appeal against Ripple Labs.

Elon Musk, the renowned tech entrepreneur and CEO of Tesla and SpaceX, has consistently championed Dogecoin [DOGE], often using his platform to endorse his favorite cryptocurrency.

But after facing allegations of defrauding investors through purported manipulation of DOGE and insider trading, which led to substantial financial losses in the billions, Musk chose to take a step back.

However, on the 29th of August, U.S. District Judge Alvin Hellerstein in Manhattan dismissed the federal lawsuit against him.

Despite this dismissal, Musk maintained his stance against promoting cryptocurrencies.

Musk’s mention of XRP sparks debate

Just when the waters seemed calm, Elon Musk reignited controversies by referencing the Ripple [XRP]-affiliated cryptocurrency XRP during a town hall meeting in Pittsburgh, Pennsylvania.

This happened during a recent rally for Donald Trump, wherein an audience member inquired about the SEC’s adversarial approach to crypto under the Biden administration and whether Musk envisions the XRP Ledger being adopted by financial institutions in the future.

Replying to this, Musk said, 

“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.”

Musk’s actual crypto endorsements and their impact

This is probably the same event, at which Musk

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Author: Ishika Kumari