In the often polarizing crypto universe, it is not often that an established Bitcoin maximalist or advocate publicly places a bet on another coin. However, in a sudden turn of events, Crypto Rover, a crypto influencer and Bitcoin enthusiast, recently confirmed his substantial investment in XRP.
Not only did the influencer appear to brag about his latest XRP purchase, but also offered advice in the same tweet, saying “Ripple is a must-hold for the next Bull Run.” While this type of word coming from a Bitcoin maxi is quite uncommon, there could be possible reasons for supporting BTC-dedicated XRP.
Unforeseen support for XRP from a Bitcoin proponent
Crypto Rover, famous for its Bitcoin-focused 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 that he is deviating from his usual Bitcoin holdings investment pattern.
According to the influencer, he believes Ripple will emerge victorious in the ongoing legal proceedings, which it believes could 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 bought for $250,000 #XRP the past weeks.
I don’t have many #Altcoins now in my portfolio.
But Ripple is a must-hold for the next Bull Run.
— Cryptorover (@rovercrc) June 21, 2023
Rover’s support of XRP sparked an enthusiastic response from the XRP community, sparking speculation and investment interest. Reactions to his announcement range from claims of Ripple’s stock and XRP as a ‘must-hold’ for enthusiastic declarations of imminent major XRP purchases, quote it as a ‘lifetime opportunity’.
Ripple Court Case – A Decisive Factor For The Future Of XRP?
Ripple Labs, the company responsible for the creation of XRP, is currently in a legal dispute with the US Securities and Exchange Commission (SEC). The crux of the argument revolves around whether XRP should be classified as a security.
So far, Ripple Labs moved to dismiss the SEC’s lawsuit against her. The company claims that unlike traditional securities, XRP functions like a digital currency due to its utility and decentralized attributes. Ripple is challenging the SEC’s jurisdiction on the matter and criticizing the regulatory body for not providing clear guidance on XRP’s status as a security.
The company claims 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 dismissal request is highly anticipated and could significantly affect the course of the lawsuit.
If approved, it could be a serious blow to the SEC’s case and if not, the legal dispute will continue with the SEC’s allegations against Ripple still playing out.
In short, one gains for Ripple could potentially affect how digital assets are classified, improving the status of XRP and possibly driving the price up.
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 is up 3.5% with the market price above USD 0.5 at the time of writing.
Featured image from Shutterstock, chart from TradingView
