Recently, speculation emerged in the XRP community about Elon Musk’s social networking platform X (formerly Twitter) supposedly “testing” XRP payments.
Promoters of this theory include Amelie, a well-known UAE-based crypto influencer. The rumor initially picked up after Ripple CEO Brad Garlinghouse merely mentioned “X” during a recent interaction on the platform.
Amelie raised the question, “Why does Brad Garlinghouse mention X?” Accordingly, she pointed out that the social media platform intends to launch a payment system soon, pondering whether XRP will be incorporated.
A few days after this initial speculation, Amelie presented a screen recording of a transaction on the XRP ledger featuring a user named “musk.” The ledger entry showed that on November 15, 2013, this user had a balance exceeding 16 million XRP. The Crypto Basic called attention to this address in a February report.
This user engaged in transfers involving 8 million XRP sometime in 2017. Meanwhile, this wallet has transactions as recent as 2023. Furthermore, the video suggested that “musk” has had dealings with popular exchanges like Uphold and Bitstamp.
As a result, Amelie concluded, “It looks like XRP payments have actually been tested on X,” speculating that “2024 WILL BE BIG.”
XRPL Validator Sets Records Straight
However, XRPL validator Vet has countered this speculative suggestion of Elon Musk “testing” XRP payment based on the purported transactions.
Vet clarified that the labeling of XRPL accounts on wallet services or explorers is not officially sanctioned, indicating that users can arbitrarily choose any name, including “Elon Musk.”
“There is no authorization from Elon Musk needed to label this account,” the XRPL validator emphasized
🚨 XRP Ledger Account labeling on Explorers or other Wallet services 🏷️ is completely unauthorized.
There is no authorization from Elon Musk needed to label this account. Nor any other people or entities. I can label my account to be by Musk or JPM as well. No proof needed. pic.twitter.com/CAnzR5qSJN
— Vet 🏴☠️ (@Vet_X0) May 2, 2024
Essentially, such a label on a transfer on the XRP blockchain does not confirm the involvement of Elon Musk himself in the transactions.
Besides, this is not the first time this video has surfaced. X user Crypto Krizzy posted it last year shortly after XRP secured regulatory clarity from the U.S. court, sparking similar speculation.
Additionally, it is believed that Elon Musk will favor Dogecoin (DOGE) over XRP should his platform consider incorporating cryptocurrency payments.
DID Amendment to Fix Fake Identity Issue
Meanwhile, the XRPL validator has also confirmed that the Decentralized Identifier (DID) functionality amendment will address fraudulent identities in transactions.
It would yes
— Vet 🏴☠️ (@Vet_X0) May 2, 2024
This amendment is currently up for voting, which has so far achieved a validator consensus of 34.29%.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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