Elon Musk’s Cryptic Tweet Sparks XRP Rumors as SEC Reschedules Meeting

• Elon Musk’s X-shaped building video sparks theories of his endorsing XRP, as prominent XRP advocate Crypto Bitlord suggested.
• SEC reschedules the meeting to July 25, starting rumors of a Ripple case settlement; the lawyer clarifies that it doesn’t affect Ripple v SEC.
• Despite speculation, the Ripple lawsuit remains unresolved as both sides await the court’s decision, with no settlement in sight.

Elon Musk, the owner of X, formerly known as Twitter, uploaded a video showing a building shaped like an X. Many people believed the film implied his company’s move from Twitter to X. However, a proposal from the XRP community provided a different justification.

A prominent member of the XRP community, Crypto Bitlord, suggested that Musk may have indirectly endorsed XRP in his tweet. He tweeted, “Musk soft shilling XRP? -This can’t be a coincidence, but I think something big is happening.”

In a follow-up tweet, Crypto Bitlord suggested that Musk used a secretive approach to reference XRP. He argued that the first letter of Musk’s post referenced X, the company’s name. Moreover, he suggested that subsequent tweets might introduce the letters R and P, completing the XRP acronym. This theory gained traction among XRP enthusiasts, adding to the ongoing speculation surrounding Musk’s cryptic posts.

SEC Reschedules Meeting Amid Ripple Case Speculation

A closed meeting was rescheduled by the U.S. Securities and Exchange Commission (SEC) from July 18 to July 25. The cryptocurrency community was active with speculation after this announcement, particularly those who were keeping track of the ongoing Ripple lawsuit. 

The resolution of litigation claims, the institution and settlement of administrative procedures, and other matters pertaining to examinations and enforcement activities were the three primary topics for discussion at the closed meeting, according to the SEC’s release.

The “settlement of administrative proceedings” item was underlined, raising questions about its importance. Consequently, this led some to speculate about a potential resolution in the Ripple case.

However, lawyer Bill Morgan addressed this speculation, stating that the meeting “doesn’t apply to Ripple v SEC.” His statement tempered expectations that the meeting might signal the conclusion of the long-standing case, which has been ongoing since December 2020.

Ripple Case Remains Unresolved

Moreover, dismissals of Ripple lawsuit settlement speculation are not new. Marc Fagel, a former SEC lawyer, has previously addressed similar rumors. He has maintained that neither party is currently pursuing a settlement. Instead, both parties are awaiting the district court’s decision in the remedies phase of the case.