In a recent tweet, renowned crypto influencer Ben Armstrong, popularly known as Bitboy, expressed unwavering confidence in XRP’s bullish outlook despite the ongoing legal battle with the US Securities and Exchange Commission (SEC). Bitboy’s stance was in response to pro-XRP lawyer John Deaton’s prediction that the appeal decision could take up to two years.
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This means bullish through the bull run no matter what. $XRP has been relisted on exchanges and no one is scared https://t.co/9DtMGzypeD
— Ben Armstrong (@Bitboy_Crypto) July 24, 2023
Bitboy expresses bullishness towards XRP despite of SEC appeal timeline
Bitboy boldly asserted that the extended appeal timeline would not hamper XRP’s potential for significant gains throughout the entire bull run. This stance appears to be grounded in the resilience of the XRP community and the fact that the digital asset has already been relisted on several exchanges despite the legal proceedings.
The crypto influencer emphasized the significance of XRP’s relisting on exchanges as a signal of the community’s lack of fear and unwavering support for the cryptocurrency. He argued that if investors and institutions were genuinely concerned about the potential legal risks, they would not have participated in relisting XRP on these platforms.
However, not everyone shares Bitboy’s bullish sentiment. Another Twitter user raised concerns that the prospect of a prolonged court case could deter institutional investors from fully committing to XRP. The user highlighted the role of company accountants and lawyers, who may advise their represented firms to exercise caution when considering investments in XRP amidst legal uncertainty.
In response to these concerns, John Deaton countered that major US-based crypto exchanges would not have relisted XRP if there were serious concerns about legal repercussions. Deaton’s point was that the exchanges themselves, being reputable entities, would thoroughly assess the potential risks before relisting XRP. However, he acknowledged that banks and more conservative financial institutions might adopt a cautious approach to investing in XRP until the appeal is resolved.
The ongoing legal battle between the SEC and Ripple Labs, the company behind XRP, has been a source of uncertainty for the cryptocurrency’s future. The SEC alleges that XRP was an unregistered security, leading to the initiation of legal proceedings against Ripple Labs. Despite the challenges, the XRP community has remained steadfast in its support for the cryptocurrency, which has been evident through the successful relisting on various exchanges.
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It is important to note that the sentiments expressed on social media platforms like Twitter, including those of influential figures like Bitboy and legal experts like John Deaton, can have an impact on market perceptions. As the appeal process unfolds and the legal landscape evolves, investors, institutions, and the wider cryptocurrency community will be closely monitoring the situation to gauge the potential impact on XRP’s price and adoption.
As the SEC’s appeal timeline unfolds over the coming months and potentially years, it remains to be seen how the markets will react and whether Bitboy’s bullish outlook on XRP during the bull run will hold. The situation underscores the importance of keeping a close eye on regulatory developments and the sentiments of influential figures in the crypto space to make informed investment decisions.