Social media websites have been filled with reports of a major deal between Elon Musk and Ripple’s native cryptocurrency XRP in recent weeks. Reports indicate that Musk is set to invest $104 billion in XRP to use it for payment processing on X (formerly Twitter). These reports have seen speculative forecasts of XRP’s price shooting to record highs. But a close scrutiny discovers that such allegations have no sound evidence and are based largely on misinformation.
Origins and Spread of the Rumors
The rumors started from social media posts, most notably one by “Ripple Queen,” who posted that a revolutionary collaboration between Musk and XRP had been officially announced. Images supporting the post indicated that Ripple CEO Brad Garlinghouse was working closely with Musk, putting a cover of seriousness to the allegations. Additional posts claimed that Musk planned to invest $104 billion in XRP under this collaboration to fuel payments for X, with XRP set to transform the digital payment landscape.
These stories picked up steam on manipulated photos and unsubstantiated reports, such as claims that XRP would jump to $600 because of the alleged collaboration. Yet, no official statement has come from Elon Musk, Ripple, or X announcing any kind of collaboration with XRP. Major news organizations, credible crypto media outlets, and Ripple’s own platforms have not published details on such a deal.
Official Responses and Clarifications
Following the rumors making the rounds, fact-checking probes have established that the reports of a Musk-XRP alliance are baseless. There is no established partnership between Elon Musk and XRP, and neither Musk nor any of his firms—Tesla, SpaceX, or X—has released official announcements announcing such collaboration. Such rumors usually stem from conjecture and are exploited by spammers who take advantage of Musk’s influence to spread misinformation and market scams.
Musk’s publicly acknowledged experience in the crypto space has generally revolved around Dogecoin, which he has publicly endorsed. There has been no hint that X Payments, his still-under-construction platform, intends to incorporate XRP. The ubiquity of fake livestreams, altered images, and false assertions indicates the necessity to depend on verifiable sources and be cautious.
In conclusion, the alleged alliance of Elon Musk with XRP is unsubstantiated. Enthusiasts and investors should exercise vigilance and confirm such reports through authorized channels before they make any decision.
Also read: Ripple CEO Defends Against Bitcoin Reserve Sabotage Claims
