Elon Musk Sparks Controversy with XRP Community, Ripple Celebrates Victory over SEC

Elon Musk sparks controversy with XRP community as Ripple celebrates victory over the American Securities and Exchange Commission (SEC)

Posted 2 months ago in Blockchain


Elon Musk and Benjamin Netanyahu during their discussion in San Francisco

Elon Musk Sparks Controversy with XRP Community, Ripple Celebrates Victory over SEC

The owner of the X app (formerly widely known as Twitter), tech tycoon Elon Musk, has shared a post about his recent discussion with Israeli Prime Minister Benjamin Netanyahu. The latter arrived in San Francisco. In the video, Musk mocked the old saying, 'History is written by the victors.' Musk jested that it is true unless the enemies that you defeated are alive and have plenty of free time to edit Wikipedia.

XRP army responds to Musk's tweet

Several members of the XRP army immediately responded to that tweet, reminding the crypto community that in the legal battle between Ripple and the American Securities and Exchange Commission, which started in December 2020, it was Ripple that scored a victory this year. Federal Judge Analisa Torres ruled that XRP token sales conducted by Ripple on the secondary market do not qualify as securities, while institutional XRP sales do. Still, Ripple and the XRP community took it as a major victory. History is written by the victors. Ripple and the XRP community defeated the SEC 😂 — XRPcryptowolf (@XRPcryptowolf) September 19, 2023

The XRP community has been quite active as of late with its attempts to attract Musk's attention to its XRP coin. However, the techno tycoon remains loyal to the original meme cryptocurrency, DOGE. In the past, for example three to four years ago, any mention of Dogecoin in Musk's tweets made the coin's price soar. Musk back then had an overall influence on the price of tech products' share price. Once, he mentioned GameStocks ('Gamestonks!'), pushing the price of this company shares up significantly. This became known as the 'Elon Musk effect.' BOOOOOOOOOOOOOOOOOOM!!! #XRP pic.twitter.com/MBtTjYJuom — JackTheRippler Šī¸ (@RippleXrpie) September 19, 2023

Recent examples, as when the tech billionaire mentioned assets in his tweets or posted memes, making their prices soar, include the meme coin LADYS and several AI-related cryptos.

Ripple Sells 105 Million XRP, Here's What's Behind This Move

Musk has not integrated DOGE on X app yet Despite multiple interviews and podcasts, in which Elon Musk stated that DOGE should be implemented as a means of micropayments and tipping on Twitter, almost a year has passed since he bought the microblogging app, but DOGE has not yet been introduced. Instead, so far, Musk is rebranding Twitter as X ('the everything app') and has introduced monetization and subscription features that allow content makers with large audience to receive income from advertising on X and from subscribers. Elon Musk has twice recently refuted the rumor that the X app IT team is busy developing 'an X coin.' Based on Musk's comments, he does not plan to launch anything like that. Still, the DOGE army continues cherishing hopes that the tech tycoon and lover of Dogecoin will finally add DOGE as a payment option on the X app.

Last updated 9/19/2023, 11:53:02 AM

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