Surge in XRP Ledger Activity Amidst Elon Musks Personal Freedom Remarks

CoinWorld.com reported:
Elon Musk’s comments on cryptocurrency have boosted market confidence, leading to an increase in XRP and Ethereum.
During the US Securities and Exchange Commission’s appeal against Ripple Labs, there has been an increase in wallet activity on the XRP Ledger.
Elon Musk, the renowned tech entrepreneur and CEO of Tesla and SpaceX, has always supported Dogecoin (DOGE) and frequently uses his platform to endorse his favorite cryptocurrency.
However, facing allegations of manipulating DOGE and engaging in insider trading to deceive investors, resulting in billions of dollars in significant financial losses, Musk chose to step back.
However, on August 29th, US District Judge Alvin Hellerstein dismissed the federal lawsuit against him.
Despite being dismissed, Musk still stands firm in his opposition to promoting cryptocurrency.
Musk mentioned XRP sparking controversy.
Just when things seemed calm on the surface, Elon Musk referenced XRP – the affiliated cryptocurrency – during a town hall meeting held at the City Hall in Pittsburgh, Pennsylvania. This happened at Donald Trump’s recent rally, where an audience member asked about the adversarial attitude of the US Securities and Exchange Commission towards cryptocurrency during the Biden administration and whether Musk envisions XRP Ledger being adopted by financial institutions in the future.
In response to this question, Musk said, “This is definitely not an endorsement or lack of endorsement of XRP, but I do think the nature of cryptocurrency is helpful for individual freedom.”
Musk’s actual support for cryptocurrency and its impact.
This may be a similar event to when Musk donned his iconic “Make America Great Again” hat, calling himself the “Dark Magician” to show his support. “As you can see, I am not just MAGA, I am the dark MAGA.” As a result, MAGA’s price rose by 20%, while Dark MAGA (DMAGA) surged by 227% to about $0.0073.
Well, not only DOGE and DMAGA, but Musk has also been involved in promoting various other cryptocurrencies. For example, he previously shared a post about the frog-themed cryptocurrency Pepe (PPE), leading to a 23% price surge.
The impact on XRP as a whole.
However, it is worth noting that Musk did not specifically target XRP but expressed his views on cryptocurrency as a whole. He described them as “interesting and potentially valuable safeguards against centralized control,” emphasizing their potential role in promoting financial independence.
However, despite the lack of direct support for XRP, Elon Musk’s comments on cryptocurrency have triggered positive chain reactions throughout the market, leading to a 4% increase in leading altcoin Ethereum (ETH). Other cryptocurrencies have also experienced similar growth.
According to the latest data from CoinMarketCap, XRP’s trading price is $0.5542, reflecting a 2.41% increase in the past 24 hours and a 3% increase this week.
Furthermore, Santiment’s latest data shows a significant increase in activity on the XRP Ledger, with daily active wallets reaching the highest point in three months. At least 35,799 unique addresses have participated in an XRP transfer.
As expected, the XRP Ledger has created 3,858 new wallets in just one day, setting a record for the highest number of new wallets in over seven months.
What lies ahead?
This growth coincides with the “pre-motion statement” filed by Ripple Labs in the ongoing case against the SEC, indicating its intention to challenge the previous court ruling.
That being said, while Musk did not directly support XRP, his mention of cryptocurrency may have a positive impact on the ongoing case against the US Securities and Exchange Commission.
Therefore, this newfound attention may pave the way for a brighter future for XRP, which has struggled in the bear market for quite some time.