In the often-polarizing universe of crypto, it isn’t often that an established Bitcoin maximalist or advocate publicly places a bet on a different coin. However, in a sudden turn of events, Crypto Rover, a crypto influencer and Bitcoin devotee, recently confirmed his substantial investment in XRP.
The influencer did not only seem to boast its latest XRP purchase but also gave advice in the same tweet that read “Ripple is a must-hold for the next Bull Run.” While this type of word coming from a Bitcoin maxi is quite unusual, there could be possible reasons behind the BTC devotee XRP support.
Unforeseen Support For XRP From A Bitcoin Proponent
Crypto Rover who is famous for his Bitcoin-centric views recently surprised the crypto community by revealing a major purchase of $250,000 in XRP in recent weeks. He shared this update via a tweet, indicating a departure from his usual investment pattern of Bitcoin holdings.
According to the influencer, he believes Ripple will emerge winner in its ongoing legal proceedings, which, in his opinion, may lead to a widespread FOMO (Fear of Missing Out) effect.
It is worth noting that this factor alone could be one of the reasons behind the Bitcoin Maxi’s sudden support for XRP.
Ripple will win the case, and the $XRP FOMO will be insane.
I have bought $250,000 worth of #XRP in the past few weeks.
I don’t have a lot of #Altcoins in my portfolio now.
But Ripple is a must-hold for the next Bull Run.
— Crypto Rover (@rovercrc) June 21, 2023
Rover’s backing of XRP spurred an enthusiastic reaction from the XRP community, leading to speculation and investment interest. Comments following his announcement range from assertions of Ripple’s stocks and XRP as a ‘must-hold’ to enthusiastic declarations of imminent large XRP purchases, citing it as a ‘lifetime opportunity’.
Ripple Court Case – A Deciding Factor For XRP’s Future?
Ripple Labs, the firm responsible for the creation of XRP, is currently in a legal dispute with the United States Securities and Exchange Commission (SEC). The crux of the argument revolves around whether XRP should be classified as a security.
So far, Ripple Labs has moved to dismiss the lawsuit filed against it by the SEC. The company maintains that XRP, unlike traditional securities, functions as a digital currency due to its utility and decentralized attributes. Ripple is challenging the SEC’s jurisdiction in this matter and criticizes the regulatory body for not providing clear guidance on XRP’s status as a security.
The company asserts that the ongoing legal battle has negatively impacted XRP holders and hindered innovation in the crypto industry. As such, the court’s decision on Ripple’s request for dismissal is highly anticipated and could significantly influence the course of the lawsuit.
If approved, it could pose a serious blow to the SEC’s case and if not, the legal dispute will proceed with the SEC’s allegations against Ripple still in play.
Overall, a win for Ripple could potentially influence how digital assets are classified, improving XRP’s standing and possibly enhancing its price.
Meanwhile, amid the ongoing legal dispute, XRP is still able to mirror the ubiquitous uptrend in the global crypto market. Over the past 24 hours, XRP has surged 3.5% with a market price above $0.5, at the time of writing.
Featured image from Shutterstock, Chart from TradingView