This week, social media has been abuzz with claims that Elon Musk is planning to buy $50 billion worth of XRP, the native cryptocurrency of Ripple. The rumor originated from a user on X named CryptoGeek, who also claimed that Musk expects XRP to reach an astonishing value of $600.37 per coin.
"Elon Musk PROPOSES TO BUY XRP for $50 BILLION!! $600.37 for each XRP," the viral post by CryptoGeek read, quickly grabbing the attention of cryptocurrency enthusiasts, especially within the 'XRPArmy.'
However, fact-checking has debunked this claim. Perplexity AI responded, "Hey! The claim that Elon Musk proposed to buy XRP for $50 billion seems to be false." The AI assistant added, "Fact-checking sources have confirmed this is a false rumor... there has been no official announcement from Elon Musk, Ripple, or X."
Adding to the speculation, CryptoGeek also alleged that Musk posted a brief message saying "#XRP looks quite promising" before deleting the message just 20 seconds later. He further claimed that Musk is "working on a global payment deal with Ripple." But despite the buzz, no screenshots or archived copies of the alleged tweet have surfaced.
Even CryptoGeek has not provided evidence. This leads many to believe that the post may never have existed. "Despite much speculation, Musk has never officially confirmed XRP or announced a partnership," notes Perplexity AI. "He primarily focuses on Dogecoin when discussing cryptocurrencies."
With the XRP community fueling speculation, analysts warn investors to remain skeptical of unverified social media posts. Until Musk or Ripple confirm any involvement, the rumors remain nothing more than baseless hype.