Tesla CEO Elon Musk mentioned Ripple’s XRP/USD ledger in a recent town hall event. This comes amid controversies surrounding co-founder’s political donations and SEC scrutiny.
What Happened: An X account “Good Morning Crypto” shared a video snippet on Tuesday highlighting a recent interaction involving Musk. During a town hall in Pittsburgh, Musk was asked about the potential integration of the XRP Ledger into future financial institutions.
Musk’s comments, while neutral, suggested a broader perspective on the potential of blockchain technology.
Musk clarified, “I do think that cryptocurrency is an interesting and valuable bullwork against a centralized control. 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.”
It is noteworthy that Musk has often promoted XRP’s peer Dogecoin DOGE/USD on various occasions.
Meanwhile, Ripple Labs Inc., CEO Brad Garlinghouse reposted the same video and commented, “Voters care about crypto – they care about XRP – it’s not a niche issue. They want real policies that drive innovation and create jobs. Candidates that ignore crypto and blockchain risk a serious loss in support from a growing, informed voter base.”
Why It Matters: Recently, Ripple’s co-founder Chris Larsen donated $10 million in XRP to Vice President Kamala Harris‘ campaign. Brad Garlinghouse, CEO of Ripple Labs, defended the donation and emphasized the importance of supporting candidates with pro-crypto policies, highlighting the need for bipartisan support in the industry.
The election, featuring Donald Trump and Kamala Harris, presents a unique scenario for the cryptocurrency market. Analysts from Bernstein suggest that a Trump victory could propel Bitcoin BTC/USD to new highs, potentially reaching $80,000 to $90,000. Conversely, a Harris win might lead to a decline in Bitcoin's value.
The conversation also comes at a time when XRP is facing regulatory challenges due to an ongoing SEC appeal.
Price Action: At the time of writing on Tuesday, XRP was down by 2.29%, as per Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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