A popular cryptocurrency influencer and prominent Bitcoin advocate, Crypto Rover, has recently revealed he believes that $XRP is a “must hold for the next bull run,” and says he has invested $250,000 in the cryptocurrency over the past few weeks.
The tweet marks a departure from Crypto Rover’s traditional emphasis on Bitcoin, unveiling his latest venture into the alternative cryptocurrency market. The influencer expressed optimism about Ripple’s prospects in its ongoing legal battle, speculating that a victory could trigger a widespread ‘Fear of Missing Out’ (FOMO) phenomenon. This belief might be one of the key factors behind the Bitcoin maximalist’s unexpected advocacy for XRP.
Rover’s backing of XRP elicited a wave of enthusiasm from the XRP community, fostering speculation and investment curiosity. Comments in response to his announcement ranged from affirmations of Ripple’s stocks and XRP as a ‘must-hold’ to eager declarations of imminent large XRP purchases, hailed as a ‘lifetime opportunity’.
Ripple Labs, the firm behind XRP, is currently embroiled in a legal dispute with the United States Securities and Exchange Commission (SEC), which alleges the company’s sales of XRP represent unregistered securities. The company criticizes the SEC for its lack of clear guidance and asserts that the ongoing legal battle has adversely affected XRP holders and stifled innovation in the crypto industry.
Recently, Ripple’s Chief Technology Officer (CTO) David Schwartz has recently added some clarity around the ongoing litigation against the fintech firm, laying out two hypothetical scenarios in response to allegations from the SEC that Ripple paid between $1 million and $5 million for XRP to be listed on exchanges.
As CryptoGlobe reported, Ripple CEO Brad Garlinghouse recently took a strong stance against the SEC, accusing the regulator of spreading confusion and stifling innovation in the crypto space.
Featured image via Pixabay.