Elon Musk’s Feud with Trump Sparks XRP Speculation in Crypto Market
Recent tensions between Elon Musk and former President Donald Trump have impacted the cryptocurrency market, particularly affecting XRP. Musk criticized a government spending bill on Twitter, citing economic risks. In response, Trump threatened to retract Tesla’s government contracts, causing Tesla's stock to drop significantly, erasing $150 billion in market value.
Market Reactions
- Bitcoin fell over 5%, hitting a low of $100,550 before recovering slightly to around $102,400.
- XRP also declined but rebounded modestly as market conditions stabilized.
I believe @elonmusk will do anything to make @Ripple $XRP as a chosen one...
XRP's Position in Future Payments
Joshua Dalton from TRIBLU suggested that Musk may favor XRP for his upcoming payment system, X Money. He indicated that XRP's faster settlement and lower fees compared to Bitcoin align with Musk's objectives, especially after Musk halted BTC transactions for Tesla due to energy concerns.
While some view XRP as a potential candidate for X Money, analysts note challenges such as Ripple's substantial holdings of XRP and regulatory scrutiny. The feasibility of XRP in this context is still under consideration as discussions continue in the crypto community.