Pro-Ripple lawyer Bill Morgan has revealed that he will continue to panic buy XRP. This comes as institutions continue to seek ways to gain exposure to XRP, with the spot ETFs launch imminent, while asset managers have filed for several other types of XRP funds.
Pro-Ripple Lawyer Says He Will Keep Panic Buying XRP
In an X post, the pro-Ripple lawyer said he will continue to panic-buy XRP amid “terrible XRP demand.” He noted that ETF applicants have agreed with the market that XRP, Ethereum, Bitcoin, and Solana are the top four cryptos for a reason, ignoring USDT and BNB, which complete the list of the top 6 cryptos by market cap.
In line with this, the pro-Ripple asserted that there is every reason to panic and buy more XRP. Morgan’s statement followed GraniteShares’ filing for an XRP ETF that includes 3x long and 3x short leveraged investments with exposure to the XRP price. The legal expert noted that there were similar products for Bitcoin, Ethereum, and Solana.
When warned that panic buying XRP could end badly for him, the pro-Ripple lawyer alluded to how he has gained significantly since buying most of his XRP when the price was below $0.5. Meanwhile, aside from the demand for XRP from ETFs, Morgan also appears bullish as more companies adopt the altcoin for their treasuries.
The pro-Ripple lawyer revealed that Reliance Group Global had added XRP to its digital asset treasury, buying $17 million worth of XRP. Morgan has, in the past, also highlighted treasury purchases from companies such as VivoPower and Gumi. Notably, there are now 10 XRP treasury companies that could hold a combined $11.5 billion in XRP if they all execute their proposed purchases.
Morgan Defends XRP’s Burn Mechanism
In another X post, the pro-Ripple lawyer defended XRP’s burn mechanism and addressed criticisms of why the number of burnt tokens is low despite XRP existing for over a decade. Morgan stated that this is the greatest point ever made for XRP’s value, as having to burn tokens to increase value is a “real sign of lack of value.”
The pro-Ripple lawyer claimed it is only when a token lacks a real sign of value that issuers need to artificially create scarcity to increase value by effectively getting rid of tokens. He added that it is not rational to deliberately reduce something valuable, explaining why XRP’s burnt tokens are low.
It is worth noting that some XRP tokens get burnt with every transaction conducted on the XRP Ledger (XRP). However, Morgan stated that XRP transactions are incredibly cheap, which is why only a few tokens are burnt as gas fees.
At the time of writing, the XRP price is trading at around $2.81, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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