Elon Musk Mentions $XRP, and the Price Is Still at $0.54

Tesla CEO Elon Musk made waves in the crypto market during a rally in Pennsylvania when he was asked about his views on XRP (Ripple).

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During a recent rally in Pennsylvania, Tesla CEO Elon Musk was asked about his thoughts on XRP (Ripple). Known for his past support of crypto assets like Bitcoin and Dogecoin, Musk maintained a neutral stance on XRP but highlighted the role of cryptocurrency in promoting individual freedom. His comments, though neutral, contributed to a rise in XRP activity and a broader surge in the cryptocurrency market.

Musk’s Remarks on XRP and Crypto

At the Pennsylvania rally, which aimed to support former President Donald Trump, Musk was asked about the future potential of the XRP Ledger, particularly its integration into financial institutions.

Considering the SEC’s strong stance on crypto under the Biden administration, the question aimed to gauge whether Musk saw XRP as part of the future financial landscape.

Musk responded with a cautious but telling statement: “This is not an endorsement or lack of endorsement for XRP, but I do think crypto by its very nature helps with individual freedom.”

His remarks underscored his continued support for the broader cryptocurrency space, emphasizing its capacity to decentralize control and empower individuals. However, he refrained from taking a direct position on XRP, maintaining neutrality on the specific token.

XRP Market Reaction and Surge in Activity

Musk’s comments, while not explicitly positive or negative toward XRP, sparked interest in the altcoin, leading to a surge in market activity. According to data from XRPLscan, the XRP Ledger saw a burst of activity following the rally.

As of March 10th, the XRP Ledger has processed over 35,799 unique wallet transactions, with 3,858 new human wallets being added to the network during the day. This activity surge suggests that people are once again paying attention to the altcoin, possibly due to Musk’s recent general support for using decentralized currency to disrupt centralized systems.

XRP’s price also reacted positively, notching a 2.40% gain over the last 24 hours. At press time, XRP trades at $0.5541, boasting a market cap of $31.42 billion.

Over the same period, trading volume also surged, reaching $1.22 billion, marking a 114.31% increase. This strong market response could be attributed to Musk’s comments on cryptocurrency freedom, even if he stopped short of endorsing XRP specifically.

Technical Analysis: Bollinger Bands and MACD Indicators

From a technical analysis perspective, XRP’s price shows positive momentum. The price chart shows XRP trades near the upper Bollinger Band at $0.5553, indicating it is nearing overbought conditions.

Typically, prices that reach the upper band experience corrections, but XRP has shown volatility in the past, with notable price spikes in July and September followed by pullbacks.

The MACD indicator also suggests a bullish trend. The MACD line recently crossed the signal line and attained a positive value of 0.0027, indicating an uptrend in the momentum.

Moreover, the histogram bars are now green instead of red, strengthening the suggestion that there may be an impending bullish run. However, the clear prior downtrend with October’s low indicates the direction should be approached with caution regarding potential resistances.

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