In the ever-polarizing crypto universe, it’s not often that an established Bitcoin maximalist or public advocate 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 major investment in XRP.
The influencer not only seemed to brag about his latest XRP purchase but also gave advice in the same tweet which read “Ripple is a must hold for the next Bull Run.” While this kind of word coming from a Bitcoin maxi is quite unusual, there are possible reasons behind BTC devotee XRP support.
Unexpected Support For XRP From A Bitcoin Proponent
Crypto Rover who is famous for his Bitcoin-centric views recently shocked 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 pattern of investing in Bitcoin holdings.
According to the influencer, he believes Ripple will emerge victorious in the ongoing legal proceedings, which, in his opinion, may lead to a widespread FOMO (Fear of Missing Out) effect.
It is worth noting that this reason alone may be one of the reasons behind Bitcoin Maxi’s sudden support for XRP.
Ripple will win the case, and the $XRP FOMO is crazy.
I bought $250,000 worth #XRP in the last few weeks.
I don’t have much #Altcoins in my current portfolio.
But Ripple is a must hold for the next Bull Run.
– Crypto Rover (@rovercrc) June 21, 2023
Rover’s backing of XRP sparked an enthusiastic reaction from the XRP community, leading to speculation and investment interest. The comments after his announcement were from Ripple stocks statements and XRP as a ‘must hold’ with enthusiastic declarations of impending large XRP purchases, QUOTATIONS this is a ‘lifetime opportunity’.
Ripple Court Case – A Decisive Factor For XRP’s Future?
Ripple Labs, the company responsible for creating 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.
Currently, Ripple Labs has moved to dismiss the lawsuit filed against it by the SEC. The company maintains that XRP, unlike traditional securities, acts as a digital currency due to its functionality and decentralized qualities. Ripple challenged the jurisdiction of the SEC in this matter and criticized the regulatory body for not providing clear guidance on the status of XRP as a security.
The company stated that the ongoing legal battle is negatively affecting XRP holders and hindering innovation in the crypto industry. Consequently, the court’s decision on Ripple’s request for dismissal is highly anticipated and may influence the course of the lawsuit.
If approved, it could deal a serious blow to the SEC’s case and if not, the legal dispute will keep the SEC’s allegations against Ripple still playing out.
In general, a A win for Ripple could influence how digital assets are classified, improve XRP’s status and potentially boost its price.
Meanwhile, amid ongoing legal disputes, XRP is still able to mirror the ubiquitous uptrend in the global crypto market. In the last 24 hours, XRP has increased by 3.5% with a market price above $0.5, at the time of writing.
Featured image from Shutterstock, Chart from TradingView
