Fact-check reveals Elon Musk not purchasing $50 billion in XRP
The claim that Elon Musk is planning to buy $50 billion worth of XRP has been circulating on social media.
The rumor originated from an X user named CryptoGeek, who claimed Musk would buy $50 billion in XRP at $600.37 per coin.
This post quickly gained traction, especially among the XRP community (XRPArmy).
Another part of the rumor included an alleged deleted tweet from Musk that read, “#XRP is looking quite promising,” which further fueled speculation.
Fact-checking has however debunked the claim that Elon Musk is planning to buy $50 billion worth of XRP.
Perplexity AI, a fact-checking source, stated that the claim is a false rumor, with no official announcement from Musk, Ripple, or X. Similarly, other sources confirm that there is no verifiable evidence to support the claim.
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Despite the buzz, no evidence, such as screenshots or archived copies of the alleged tweet, has surfaced. CryptoGeek, the source of the rumor, also failed to provide any evidence. Neither Musk nor Ripple has officially endorsed XRP or announced a partnership. Binance, a major crypto platform, also addressed the rumor, stating it was completely fake.
Potential for scams
Elon Musk has a significant influence in the crypto industry, particularly with Dogecoin (DOGE) and Bitcoin (BTC). His tweets have previously moved markets. However, there has never been any indication that he is a fan of XRP.
When rumors like this go viral, scammers often exploit the situation. Scams related to XRP have increased, with fraudsters using fake wallet initiatives and AI-generated content to impersonate real figures and create a sense of urgency.
It’s crucial to remain skeptical of unverified social media posts and verify information through trusted sources. Until Musk or Ripple confirms any involvement, the rumor remains just an ‘unsubstantiated hype’.
