Freedom

Elon Musk

<p>Tesla and SpaceX CEO Elon Musk has recently spoken about cryptocurrencies in an online town hall meeting. During this meeting, he mentioned XRP. Musk has been an advocate of Dogecoin in the past. But, this is the first time he has given his opinion on Ripple’s currency. He has laid his eyes on XRP and XRP price which has elicited various responses from the crypto world.</p>
<p>However, he has not taken a specific position on XRP. His comments have fueled speculation on a potential appreciation in XRP price in the next few months.</p>
<h2 class="wp-block-heading" id="h-elon-musk-s-comments-on-xrp-and-crypto-freedom"><strong>Elon Musk’s Comments on XRP and Crypto Freedom</strong></h2>
<p>At the event, Musk was asked questions about the utilization of cryptocurrencies in the aspect of financial freedom. He explained that digital currencies like&nbsp;<a href="https://www.thecoinrepublic.com/2024/10/19/sec-files-last-minute-appeal-in-ripple-lawsuit-over-xrp-sales/" rel="noopener noreferrer nofollow">XRP can be of great importance</a>&nbsp;in de-centralizing the financial systems and empowering people to evade control.</p>
<p>Nevertheless, Musk said his comments were “not an endorsement or a non-endorsement of XRP.” The same has slightly dampened the spirits of the XRP community.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">There is a sense of a wall of silence around XRP other than within the XRP community. It is odd. A taboo topic. <br><br>Some would say that is just another XRP community conspiracy. <a href="https://t.co/APonkHoYWd" rel="noopener noreferrer nofollow">https://t.co/APonkHoYWd</a></p>— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1848285589570789785?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 21, 2024</a>
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<p>However, Musk’s words still provoked enthusiasm among the XRP owners, especially considering his significant impact on the development of the cryptocurrency market.</p>
<p>In the earlier days, Musk’s tweets on cryptocurrencies such as Dogecoins have been known to cause the price of these coins to skyrocket. Consequently, some XRP investors are keen on observing market movements and aiming that his concern could drive more people’s attention to Ripple’s coin even though the price of XRP has not yet been influenced directly.</p>
<h2 class="wp-block-heading" id="h-ripple-whales-continue-to-influence-xrp-price"><strong>Ripple Whales Continue to Influence XRP Price</strong></h2>
<p>Despite the hype caused by Musk’s words about XRP, large investors, so-called whales, continue to actively trade the cryptocurrency. As per Whale Alert, more than 48 million XRP&nbsp;tokens have been moved&nbsp;to exchange wallets such as Kraken and Bitso, which is a sell signal.</p>
<p>The selling of XRP by whales happens at the same time as Ripple has legal battles with the U.S. Securities and Exchange Commission (SEC).</p>
<p>The uncertainty surrounding the legal case and large sell-offs by whales have caused fluctuations in&nbsp;<a href="https://www.thecoinrepublic.com/2024/10/21/will-ripples-rlusd-stablecoin-partnership-with-irc-spark-xrp-price-surge/" rel="noopener noreferrer nofollow">XRP’s price,</a>&nbsp;which currently hovers around $0.54.</p>
<p>XRP has managed to hold within a relatively stable range in recent weeks. The potential for further sell pressure could drive the price lower. Price could dive lower more if whales decide to offload their holdings in the near future.</p>
<h2 class="wp-block-heading" id="h-technical-indicators-suggest-potential-rally"><strong>Technical Indicators Suggest Potential Rally</strong></h2>
<p>Despite the challenges, technical analysis indicates that XRP could be preparing for a price movement. Ripple’s token has been consolidating around key support and resistance levels, with the 100-day moving average (MA) near $0.57 acting as a dynamic resistance point. If XRP breaks above this level, short liquidations could trigger a rally toward $0.62, according to some analysts.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XRP</a><br><br>If <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XRP</a> keeps chopping like this and keeps these levels till around the week starting on 30th of December, this is the time we should get cautious of the vertical giga send finally starting suddenly "out of the blue".<br><br>It doesn't mean that it can't pump before that and I am… <a href="https://t.co/p3hFvcKM7n" rel="noopener noreferrer nofollow">pic.twitter.com/p3hFvcKM7n</a></p>— Dr Pastet (@drpastet) <a href="https://twitter.com/drpastet/status/1848110043352224087?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 20, 2024</a>
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<p>In addition, an Ichimoku Cloud analysis by Dr. Pastet, a market analyst, suggests that XRP could experience a major rally by late December 2024 or early January 2025.</p>
<p>This analysis points to the Chikou Span and the thinning Kumo cloud, which indicate that a bullish breakout might occur if XRP continues its sideways movement into early 2025. However, this scenario depends on whether XRP maintains its current consolidation range over the next few months.</p>
<p>Beyond price movements,&nbsp;<a href="https://x.com/santimentfeed/status/1848144811385123279" rel="noopener noreferrer nofollow">on-chain data</a>&nbsp;shows a resurgence in activity on the XRP Ledger (XRPL).</p>
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> XRP Ledger has spiked in active wallets significantly, reaching 35,799 unique wallets making at least one transfer in a single day, the highest in over 3 months. Additionally, 3,858 new wallets were created in a single day, the highest amount in over 7 months! <a href="https://t.co/DcwTzh8NcE" rel="noopener noreferrer nofollow">pic.twitter.com/DcwTzh8NcE</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1848144811385123279?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 20, 2024</a>
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<p>Recent reports indicate a spike in active wallets, with over 35,000 unique wallets recorded in a single day, the highest number seen in three months. This increased activity suggests growing adoption and utility of the XRPL, which could contribute to positive long-term prospects for the cryptocurrency.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/10/21/will-xrp-price-surge-as-elon-musk-mentions-ripple-coin-in-crypto-freedom-debate/" rel="noopener noreferrer nofollow">Will XRP Price Surge As Elon Musk Mentions Ripple In Crypto Freedom Debate?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Will XRP Price Surge As Elon Musk Mentions Ripple In Crypto Freedom Debate?

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