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The price and market capitalization of XRP soared—what's Elon Musk's connection?

Цена и рыночная капитализация XRP резко возросли: какова связь с Маском?

This is mentioned in the material from Finbold.

Elon Musk's extraordinary ability to capture public attention was fully on display—this event marked the second occasion where the billionaire handed a $1 million check to a rally participant who signed his online petition.

This event stood out due to its significant impact on cryptocurrency markets. This time, Musk did not discuss his favorite digital assets like Bitcoin (BTC), Dogecoin (DOGE), or Ethereum (ETH), but for the first time in a public setting, he mentioned XRP.

That single mention, which Musk stated was neither an endorsement nor a rejection, was enough to trigger a noticeable increase in both the market capitalization and the price of XRP.

Musk's Mention of XRP Sparks a Surge of Activity

XRP has been the subject of a lengthy legal battle between the SEC and Ripple Labs. Following an initial ruling that was largely in favor of Ripple Labs, the SEC filed an appeal on October 17.

Moreover, the appeal focuses on the main issue at hand—whether XRP is considered a security or not. With uncertainty resurfacing, XRP has been in relative stagnation—at the time of writing, prices have dropped by 9% since the beginning of the year.

However, Musk's mention of the token led to a swift increase of 3.44% on the daily chart.

The Tesla CEO brought up XRP during the Q&A session at the event after one attendee asked whether blockchain would eventually be adopted by financial institutions—especially in light of the opposition from the current Chairman of the U.S. Securities and Exchange Commission, Gary Gensler.