The crypto community continues to develop new theories on the mysterious Elon Musk tweets. One of them, the new message containing only the letter ‘X’, may be attributed to an altcoin project instead of DOGE this time.
New Elon Musk tweet aroused curiosity
Twitter CEO mentioned Dogecoin again yesterday. Shortly before that, Twitter’s logo was replaced with Dogecoin image and DOGE price rallied around 30%. Now Musk’s new ‘X’ tweet is stirring up the Ripple (XRP) community and price.
Multiple followers of Musk’s new message immediately started jokingly responding with other letters of the Latin alphabet, asking what the tweet meant, or giving sarcastic responses. Some even asked if this was the name of Musk’s child. His youngest son with Canadian singer Grimes was born in 2020 and his name is X AE A-XII for short. X. Born in 2022 to Musk and Grimes, the girl is named Y.
However, an active member of the XRP community nicknamed @MackAttackXRP shared a photo with XRP’s logo in hopes that Musk might actually have meant XRP.
XRP price reacted positively
XRP, the 6th largest cryptocurrency, is up around 3.5% over the last 24 hours at the time of writing. His current momentum was probably not linked to the Elon Musk tweet. For comparison, Bitcoin is up 6.5% over the same time frame. The leading crypto has surpassed $30,000 for the first time today. XRP price is also following this momentum.
Charged whale purchases could be main catalyst of XRP rally
Crypto whales seem to be gaining momentum in accumulating more XRP as Ripple’s tech XRPL announces its new Hooks offering. In particular, an uptrend is expected, supported by an expected win in the SEC lawsuit. However, the recent development on the XRP Ledger (XRPL) also motivates crypto whales to accumulate more XRP tokens.
In a tweet, Ripple mentioned a new offer on XRPL called Hooks. It has been stated that Hooks is a proposal that will add smart contract-like functionality on the XRP ledger. The first layer will be custom code deployed to influence the behavior and flow of transactions.
As XRPL announces its new Hooks offering, crypto whales are gaining momentum in accumulating more XRP tokens. Data provided by WhaleAlert shows that more than 146 million XRP (worth approximately $77 million) has been added by whale addresses in multiple transactions in recent days.
One of the biggest whale purchases was 50 million XRP (worth around $26 million) from crypto exchange CryptoCom. The same whale also bought 23.4 million XRP (worth approximately $12.1 million) from Binance.
Latest developments from the SEC-Ripple lawsuit
Ripple has been suing the SEC since 2020. In recent developments, an investigation has been launched suggesting that the company is manipulating the XRP price. cryptocoin.com We have included the details in this article.
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