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A recent rumor circulating on social media claimed that Elon Musk, CEO of Tesla and SpaceX, was planning to purchase $50 billion worth of Ripple's XRP cryptocurrency at a price of $600.37 per coin—a figure far exceeding its current market value. The unverified claim quickly went viral, sparking excitement among XRP holders and the broader cryptocurrency community. However, the rumor has been thoroughly debunked, with no credible evidence to support it.
The speculation originated from a user named "CryptoGeek" on X (formerly Twitter), who alleged that Musk was shifting his focus from Dogecoin to XRP. The post gained rapid traction, fueled by social media engagement rather than any verified information. Notably, there are no archived posts, official statements, or screenshots linking Musk or his affiliates to such a transaction.
Contrary to the claims, there is no indication—public or private—that Musk or any associated entity has made any offers to acquire XRP. Musk’s known preference for Dogecoin, which he has openly supported on multiple occasions, further undermines the credibility of this rumor. Additionally, Ripple, the company behind XRP, has not provided any confirmation or comment regarding Musk’s supposed interest.
As of now, XRP is trading at approximately $2.14, with the price showing minor fluctuations typical of the cryptocurrency market. The absence of a significant price surge in response to the rumor reinforces the idea that most investors dismissed it as speculative fiction.
Key Takeaways:
No evidence to suggest Elon Musk plans to purchase $50 billion worth of XRP.
The rumor originated from a user on X (formerly Twitter) with no official backing.
XRP’s price remains stable, indicating widespread skepticism in the market.
Investors are urged to rely on verified information and avoid speculative rumors.
In conclusion, there is no factual basis for the claim that Elon Musk is acquiring $50 billion in XRP. Investors are encouraged to remain cautious and make decisions based on credible sources, not speculative social media claims.
