Altcoins

Crypto Founder Ends 7-Year Hiatus with Bold XRP Buyback: Details

A notable figure in the crypto community has broken a seven-year disquiet to reacquire XRP amid growing frustration among XRP holders.

In an unexpected twist, Tom Crown, the founder of Crown Analysis, has disclosed his recent acquisition of XRP, marking his first purchase of the digital asset after seven years of distancing himself from XRP.

Specifically, Crown highlighted that his January 2024 XRP investment was the first instance of reengaging with the asset since 2027. He went on to disclose the factors motivating his bold decision to invest in XRP, especially during a time when many holders are feeling disheartened by its performance.

Crown acknowledged the prevailing atmosphere of fear and uncertainty gripping the XRP market. However, despite the predominant pessimism surrounding XRP, Crown found it an opportune moment to enter the XRP market.

He remarked, “[I’ve] seen soo many doom posts today. I like that fear.”

For the first time since 2017, i bought some #XRP 🫡
Seen soo many doom posts today, i like that fear

— Tom Crown (@TomCrownCrypto) January 31, 2024

In essence, the crypto founder aimed to adhere to the principle of buying when market participants are fearful and selling when greedy.

Community Thinks It’s Irrational

Meanwhile, some members of the crypto community view entering the XRP market at this juncture as a “crazy” decision.

X user Don Manning, a data engineer, remarked, “I think it is over for XRP.” According to him, the asset lacks momentum and usage growth.

Another X user revealed acquiring XRP in early 2021, purchasing it shortly after the SEC lawsuit. Per the disclosure, they thought they were buying low without anticipating that XRP would eventually evolve into a perceived stablecoin.

On the other hand, an X user expressed that Tom Crown may be lucky with his new XRP investment. The commenter cited the recent hack on the wallet of Ripple’s chair, Chris Larsen, noting the event has caused enough concern in the community to affect the price of XRP.

Despite this setback, they believe XRP will recover. Moreover, the X user revealed that they had sold most of their XRP in recent weeks as they reassessed their goals.

The commenter reflected on their history with XRP, mentioning it was the first cryptocurrency. Over the years, they have been in and out of XRP based on perceived opportunities and risks, generally doing well overall.

Ultimately, Crown’s endorsement of XRP underscores his confidence in its long-term potential.

Source

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