Elon Musks Mention of Ripples XRP Fuels Speculation About Endorsement

Elon Musk mentioned XRP for the first time in a viral video.
He stated that cryptocurrencies like XRP promote freedom from centralized control.
Elon Musk, the CEO of Tesla and owner of X (formerly Twitter), sidestepped a question regarding the potential future integration of the XRP Ledger into the global financial system.
In a recent video, Musk was asked whether XRP can become part of the global financial system, knowing that the U.S. Securities and Exchange Commission has been quite critical of cryptocurrencies.
Musk replied with a generalized view of cryptocurrencies, saying that they have value, including XRP. He noted that digital assets help to counterbalance the centralized power of the financial system and support freedom.
While discussing broader topics like politics and the economy, Musk noted the importance of cryptocurrencies as a means of protecting personal freedom. However, he didn’t give a direct view of XRP, which is one of the biggest cryptocurrencies by market capitalization.
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…
pic.twitter.com/Y4fndBjiFg
— Good Morning Crypto (@AbsGMCrypto)
October 20, 2024
However,  Musk stated that his comments were not an endorsement or disapproval of XRP as a digital asset. He said that in the same way, XRP and other cryptocurrencies have their values in the financial system, one should not take his word as endorsing any particular asset.
Reactions from the Crypto Community
This response to Musk’s vague answer was met with divided opinion from the cryptocurrency community. There are people in X who claim that Musk looked quite uncomfortable when he was asked about XRP, and many people think that the question took him by surprise. Some other people including the host of the Good Morning Crypto YouTube Channel,
reckoned
that Musk was very careful in the way he had presented his response.
Some users even noted that Musk’s answer was similar to SEC Chair Gary Gensler dodging questions about Ethereum being a security. There are those who think that Musk’s lack of comment on XRP implies that there is a more significant, unknown plan concerning the future of the token within the financial market.
Ripple Continues Legal Battle with SEC
The town hall mention of XRP comes at a time when the token is still fighting legal battles with the U.S. Securities and Exchange Commission (SEC).
The regulatory body
had filed a lawsuit against Ripple back in 2020, accusing the firm of conducting securities sales of XRP. Ripple won the first round in 2023, but the SEC appealed the decision, which led to the protraction of the case.
The XRP community remains unfazed by Musk’s silence as they continue to advocate for the token. The XRP army, a group of enthusiasts, has been more so vocal, especially on social media platforms like X especially after the SEC filed its formal appeal. Ripple is expected to file its cross-appeal in the coming days and as the company remains committed to the fight on the classification of XRP as non-security.
While this is the first time Musk has directly mentioned XRP, he has previously made comments about Ripple. In October 2022, Musk responded to the news that the SEC delivered drafts of former SEC Director William Hinman’s Ethereum speech to Ripple’s legal advisors.