Elon Musk, the billionaire CEO of Tesla and SpaceX, has always been a very influential figure in the cryptocurrency community. Musk has driven the price of Dogecoin (DOGE) up on several occasions, and he has taken the spotlight by frequently voicing his support for Memecoin.
He believes Dogecoin is more respected than Bitcoin because he has repeatedly pointed out that meme coin is more likely to process transactions cheaper and faster than Pioneer’s cryptocurrency. So far, Musk’s love for DOGE has ruled out all other altcoins. Although he recently announced that he still holds Ethereum, he has not commented on any altcoins other than DOGE.
Ripple Supporters Hopes Musk Would Support the XRP Community
According to a tweet on December 19, a supporter @CryptoBull2020 said he hoped Musk would support the XRP community because they don’t like the SEC as a whole.
The feeling stems from Musk’s previous opinion on his views on the SEC. As the youngest popular XRP supporter “BankXRP” pointed out, Musk had previously stated in an interview that he did not respect the US Securities and Exchange Commission.
At the time, the billionaire stated that he had complied with the $20 million fine imposed on him by the regulatory authority only because he respected the judicial system.
As the enthusiast pointed out, this will be a game to find out who, between Elon Musk and the XRP community, has less respect for the SEC than the other. In the ongoing legal battle between regulators and Ripple, the XRP community did not respond to the allegations of the US Securities and Exchange Commission.
They claim that government agencies are highly biased and corrupt, and even named several senior SEC officials who they believe have conflicts of interest with Ripple, Ethereum, and the SEC.
Musk’s support (though unlikely), his influence is widely known for winning Time magazine’s “Person of the Year” award and can actually help restore troubled crypto assets.
Although Musk has never clarified Ripple or XRP in the past, cryptocurrency is still a possible candidate for its pillar as it is considered to be one of the very energy-efficient networks.
The future of XRP
The legal battle between the US Securities and Exchange Commission and Ripple has become very heated, although observers are preparing to lead it beyond the ongoing expert disclosure phase.
At that point, the case can end in a settlement or a court decision. Either way, XRP proponents are optimistic that the results will benefit Ripple.