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Legal Expert Advocates for Continued XRP Investment
In a recent social media update, a well-known supporter of Ripple, attorney Bill Morgan, expressed his intention to continue purchasing XRP amidst what he describes as a significant demand for the cryptocurrency. With anticipation building around the launch of spot Exchange-Traded Funds (ETFs) and multiple asset managers filing for various XRP investment funds, the interest in XRP is growing.
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Commitment to Expanding XRP Holdings
In his online post, Morgan emphasized his strategy to acquire more XRP, citing the strong market consensus that XRP, alongside Ethereum, Bitcoin, and Solana, stands as one of the top cryptocurrencies. This view overlooks Tether (USDT) and Binance Coin (BNB), which are also among the six largest cryptocurrencies by market capitalization.
Morgan’s decision aligns with the recent filing by GraniteShares for an XRP ETF offering both 3x long and 3x short leveraged positions tied to XRP’s performance. He pointed out that similar investment vehicles exist for Bitcoin, Ethereum, and Solana.
Despite warnings that panic buying could lead to unfavorable outcomes, Morgan referenced his past successes, noting substantial gains since acquiring XRP when its price was below $0.5. Beyond ETF interest, Morgan is optimistic about the increasing adoption of XRP by corporations looking to integrate the altcoin into their financial strategies.
Significantly, Morgan highlighted Reliance Group Global’s decision to integrate XRP into its digital asset reserves, with a purchase worth $17 million. He also mentioned other corporate treasury acquisitions by companies such as VivoPower and Gumi. Currently, there are ten companies with XRP treasuries, potentially holding a cumulative $11.5 billion in XRP if planned purchases are realized.
Support for XRP’s Token Burn Mechanism
In another post, Morgan offered a robust defense of XRP’s burn mechanism, responding to criticisms about the relatively low number of burnt tokens despite XRP’s long-standing presence in the market. He argued that the necessity to burn tokens to create value is indicative of a lack of inherent value.
Morgan contended that when a token has intrinsic value, there is no need to artificially create scarcity by reducing token numbers. He explained that XRP’s low burn rate is due to the cost-effectiveness of transactions on the XRP Ledger.
It is important to note that a small amount of XRP is burnt during each transaction on the XRP platform. However, Morgan pointed out that the transaction fees are minimal, resulting in a lower volume of burnt tokens.
As of the latest data, XRP is trading at approximately $2.81, showing a slight decline over the past 24 hours, according to CoinMarketCap figures.
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