The mere mention of Elon Musk, the billionaire entrepreneur, has had a significant impact on the activity and price of XRP. While speaking at a public rally to support Donald Trump, Musk made it clear that his mention of XRP was not an endorsement, nor a lack thereof.
During the Q&A portion of the event, an attendee asked Musk about the potential adoption of the XRP ledger by financial institutions. In response, Musk acknowledged the value of cryptocurrencies as a means to protect against centralized control.
Although Musk’s statement was not a direct endorsement of XRP, the markets interpreted it as such, leading to a surge in both the price and market cap of the token. The market cap increased from $30.6 billion to $31.6 billion within 24 hours.
Notably, the number of active wallets and new wallets being created for XRP has also reached a peak. According to cryptocurrency analytics platform Santiment, there has been a significant increase in both the number of active wallets and new wallets created, with 35,799 unique wallets making transfers in a single day and 3,858 new wallets created in a single day.
As of now, the price of XRP is trading at $0.5482, representing a 1.8% increase in the past 24 hours. The trading volume has also seen a significant surge, reaching $1.467.123.978 in the past 24 hours, indicating increased market activity.
It is important to note that the views expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.