Crypto Analyst and enthusiast Crypto Rover recently took to Twitter to announce that he has invested $250,000 in XRP tokens over the past few weeks. This revelation came as a surprise to many, as Rover has primarily focused on Bitcoin in the past. However, Rover believes that XRP is a must-hold for the next bull run, particularly if Ripple wins its ongoing lawsuit with the SEC.
Rover explained in his tweet that if Ripple is victorious, the fear of missing out (FOMO) around XRP would be insane. This sentiment is shared by many analysts who may not necessarily view XRP as having strong fundamentals but acknowledge its potential for short-term gains. The excitement surrounding the outcome of the lawsuit has reignited interest in XRP and has led to increased investment.
It’s worth noting that XRP has already demonstrated real-world utility through its use in Ripplenet, a rapidly expanding cross-border payment service provider. By leveraging XRP, Ripplenet enables quick and efficient fund transfers across different regions. This use case has proven the value and effectiveness of XRP as a cryptocurrency with tangible utility.
In another development, Ripple has secured an in-principle payments license from Singapore’s Monetary Authority, as reported by CNBC. This license allows Ripple to offer digital services in Singapore and potentially expand its customer base in the country. The license holds greater significance in the context of Ripple’s ongoing legal battle with the SEC. Ripple CEO Brad Garlinghouse has previously stated that if the company loses the lawsuit, it will consider moving its operations abroad. Singapore could be an attractive option for Ripple due to its favorable regulatory environment and growing crypto industry.
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At the time of writing, XRP is trading at $0.49, with a 2.51% decrease during the day and a 5.49% increase over the week. While it’s important to acknowledge short-term price fluctuations, the positive sentiment surrounding XRP’s potential victory in the lawsuit and Ripple’s expansion into Singapore may indicate a promising future for the cryptocurrency.
Overall, Crypto Rover’s significant investment in XRP highlights the growing enthusiasm and interest in the cryptocurrency market. Even analysts who may have previously overlooked XRP are now recognizing its potential as a short-term investment due to Ripple’s impending legal victory. Additionally, Ripple’s recent in-principle payments license in Singapore could pave the way for further growth and expansion in the region. With these developments in mind, XRP may be poised for a bullish run in the near future.
