XRP News Today: Musk's Criticism of Government Spending Sends Tesla Stock Down 10%

Elon Musk, the tech mogul, has sparked significant interest in the crypto world with his recent public statements. Musk's criticism of government spending and the subsequent response from former US President Donald Trump have led to speculation about the future of cryptocurrencies, particularly XRP. Musk's tweet on June 4, 2025, warning of "serious economic risks" due to reckless government spending, ignited a series of events that have captured the attention of investors and crypto enthusiasts alike.

Trump's threat to revoke Tesla's government contracts in response to Musk's comments added fuel to the fire. This exchange sent shockwaves through the market, with Tesla's stock value plummeting and investors losing billions in market capitalization. The ripple effect was felt across the crypto market, with Bitcoin and other major coins experiencing significant drops. XRP, too, was not immune to the volatility, though it managed to recover somewhat as the situation stabilized.

Amidst this turmoil, Joshua Dalton, the founder of tech services firm TRIBLU, made a bold claim on social media. Dalton suggested that Musk might choose XRP as the primary currency for X's upcoming payment system, X Money. He argued that Musk would go to great lengths to make XRP the preferred token, framing the situation as a potential showdown between Musk and the Trump family. Dalton's post, which tagged Musk, Ripple, and the Trump family, highlighted the growing tension and the potential for XRP to emerge as a key player in the crypto landscape.

XRP's technical advantages, such as quicker settlement times and lower fees compared to Bitcoin, make it a strong candidate for integration into X Money. Musk's past actions, including suspending Bitcoin payments for Tesla due to environmental concerns, demonstrate his willingness to pivot based on a coin's alignment with his objectives. In October 2024, Musk even referenced XRP in a viral video, discussing its potential to resist central control, though he stopped short of a full endorsement. With X Money's launch scheduled for later in 2025, the possibility of XRP being used as the backbone for cross-border transfers remains a topic of interest.

However, there are significant hurdles to overcome. Ripple's substantial holdings of XRP and the close scrutiny from US regulators present challenges that would need to be addressed before any major move could be made. Despite these obstacles, the idea of an "everything app" powered by XRP continues to circulate in crypto discussions, fueled by Musk's public statements and the ongoing feud with the Trump family. The crypto community remains watchful, awaiting further developments that could shape the future of digital currencies.