Key Takeaways
- The XRP community is hoping to receive support from Elon Musk.
- Musk shares the XRP community’s dislike for the antics of the SEC.
- While the support from Musk is unlikely, it could be very impactful on XRP.
Elon Musk, the billionaire CEO of Tesla and SpaceX has been a highly influential figure in the cryptocurrency community. Musk has repeatedly made the price of Dogecoin (DOGE) surge as well as brought it to the limelight by routinely expressing his support for the meme coin.
He holds Dogecoin in higher esteem than even Bitcoin as he has repeatedly noted that the joke coin has more potential for settling transactions more cheaply and faster than the pioneer cryptocurrency. Musk’s love for DOGE has so far been to the exclusion of all other altcoins. Although he recently revealed that he also holds Ethereum, he has not been vocal about any altcoins apart from DOGE.
Despite this, market players and supporters of XRP are wondering if the crypto asset could ever catch the billionaire’s attention. The ‘XRP Army’ says they would love for Musk to support the XRP community as they share a common dislike for the federal securities regulator, the SEC.
“I would love for @elonmusk to support the #XRP community. I think he more than most understand how corrupt the SEC is!”. – @CryptoBull.
The sentiment is stemming from the opinion that Musk has shared in the past about his view of the SEC. As has been recently highlighted by popular XRP supporter, “BankXRP,” Musk previously stated in an interview that he has no respect for the US SEC.
At the time, the billionaire explained that he was complying with a $20 million fine imposed on him by the regulators only because of the respect he had for the justice system.
As the buff points out, it would be a contest to determine who had less respect for the SEC than the other between Elon Musk and the XRP community. The XRP community has not held back any punches in their accusations of the SEC in the ongoing legal battle between the regulator and Ripple.
They have alleged that the government body is highly biased and corrupt, even naming several high-ranking SEC officials who they consider to have a conflict of interest as long as Ripple, Ethereum, and the SEC were concerned.
Support from Musk (though very unlikely), whose influence has been well recognized with his receiving of the Time’s person of the year award could indeed help the troubled crypto-asset gain new grounds.
Though Musk has never articulated about Ripple or XRP in the past, the cryptocurrency remains a likely candidate for his strut as it’s noted to be one of the very energy-efficient networks.
The future of XRP
The legal battle between the US SEC and Ripple is getting very intense even as observers are bracing for it to advance beyond the ongoing expert disclosure stage.
At this point, the case can end in a settlement or the court reaching a verdict. Either way, XRP adherents are optimistic that the outcome would be in Ripple’s favor.
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