- The XRP community hopes to get support from Elon Musk.
- Musk shares the XRP community’s dislike of the SEC’s antics.
- While Musk’s support is unlikely, it could have a huge impact on XRP.
Elon Musk, the billionaire CEO of Tesla and SpaceX, has been a very influential figure in the cryptocurrency community. Musk has repeatedly raised the value of Dogecoin (DOGE) and has also drawn attention to it by regularly expressing his support for the meme coin.
He values Dogecoin highly than even Bitcoin, as he has repeatedly noted that the joke coin has more potential for cheaper and faster settlement of transactions than the first cryptocurrency. Musk’s love of DOGE has ruled out all other altcoins so far. While he recently revealed that he also owns Ethereum, he hasn’t talked about any altcoins other than DOGE.
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Regardless, market participants and XRP proponents are wondering if the crypto asset will ever get the billionaire’s attention. The XRP Army says they would like Musk to support the XRP community as they share a common dislike for the federal securities regulator, the SEC.
“I would like @elonmusk to support the #XRP community. I think he understands better than anyone how corrupt the mall is! “. – @CryptoBull.
This opinion stems from the opinion that Musk has shared in the past regarding his view of the SEC. As popular XRP proponent BankXRP recently pointed out, Musk previously stated in interviews that he does not respect the US SEC.
At the time, the billionaire explained that he was complying with a $ 20 million fine imposed on him by regulators out of respect he had for the justice system.
As the expert notes, it will be a competition to determine who respects the SEC less than another, between Elon Musk and the XRP community. The XRP community has not held back its accusations against the SEC in the ongoing litigation between the regulator and Ripple.
They argued that the government agency is highly biased and corrupt, even naming several senior SEC officials who they believe have a conflict of interest as far as Ripple, Ethereum and the SEC are concerned.
Musk’s support (albeit very unlikely), whose impact was well recognized after he won Time magazine’s Person of the Year award, could indeed help a troubled crypto-asset re-found itself.
While Musk has never talked about Ripple or XRP before, crypto remains a likely candidate for his position as it is considered one of the highly energy-efficient networks.
The future of XRP
The legal battle between the US Securities and Exchange Commission and Ripple is getting very intense, even as observers prepare to move beyond the ongoing expert disclosure phase.
At this stage, the case may end with an amicable agreement or a court sentence. Either way, XRP advocates are optimistic that the outcome will be in favor of Ripple.
