The entire cryptocurrency realm is currently facing increased scrutiny from the U.S. Securities and Exchange Commission [SEC]. Ripple and XRP, on the other hand, have been grappling with this situation for some time now. Despite the ongoing lawsuit that may determine the future of XRP, the asset has managed to stay at par with other cryptocurrencies.
Amidst the recent rise of new and volatile cryptocurrencies generating millionaires, well-established assets have taken a backseat. However, is it still possible to achieve millionaire status with XRP?
In a recent video, popular YouTuber Bitboy a.k.a Ben Armstrong discussed the amount of XRP needed to become a millionaire. According to him, a total of 150,000 XRP tokens are required to attain this millionaire status.
However, the number of XRP tokens mentioned by Bitboy was met with skepticism from the crypto community. Many individuals within the community expressed their disagreement. They stated that accumulating such a large number of tokens was unnecessary to become a millionaire. A few of them went on to carry out polls to understand what the community thinks.
Jenna, a prominent XRP influencer, conducted a poll within the community. In contrast to Bitboy’s assertion, a majority of participants [62.5%] in the poll expressed the opinion that accumulating significantly fewer than 150,000 tokens of XRP is enough to attain millionaire status.
Furthermore, the poll results revealed that 22.6% of respondents aligned with Bitboy and his analysis, selecting the “Sounds about right” category. Interestingly, only 14.9% of the participants believed that acquiring more than 150,000 XRP tokens was necessary to become a millionaire. Bitboy after observing the results of the poll said,
“I learned one thing from the last bull run – being more conservative never hurt anyone. Being too aggressive with predictions can hurt people.”
How is XRP faring at the moment?
XRP has been lingering around the $0.400 zone for quite some time now. At press time, the altcoin was trading for $0.4224 with a 1.36% daily drop. At press time, the asset is nearly 90% below its all-time high of $3.84.
There are several factors that investors need to consider if they aim to become millionaires with XRP. One crucial aspect is the ongoing case against the asset. Today, Coinbase achieved a significant development by obtaining a formal response from the SEC regarding its petition, which seeks clearer cryptocurrency regulations.
In a potentially concerning development for the altcoin, the SEC disclosed that it does not anticipate achieving regulatory clarity for crypto in the near term and it is not in a hurry to do so. The SEC also acknowledged that it plans to rely on enforcement actions rather than rulemaking as a substitute for the foreseeable future. This situation could have negative implications for XRP and the industry as a whole.
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