It is really good to buy LiteCoin recently since the price was low. and litecoin also has the potential in the future and it is really good for you to invest that big because you'll earn more profit when the price of it recovers.
King of all coins for LTC wont happen. Because bitcoin will still be the king and if the bitcoin failed to do so there is always still Ethereum who's climbing its way up.
Litecoin has great potentials, but the OP really overdid it calling it the king. The Litepay is actually good news for it and I am sure that would give it a huge boost for real life usage. Also, this dip is actually just a perfect time to be buying this coin, as I am sure in the next few days when the rally starts, LTC should be joining quickly in the rally.
Nevertheless, this does not mean that bitcoin protocol will not be upgraded and we will see developments like this easily, which will always give bitcoin that edge.
Yeah the OP exaggerated since there is only one coin which is the king and we all know the name of that coin, but litecoin is a very good coin in its own right, I have a theory that even if bitcoin will keep being the top coin that litecoin will be the most used coin for transactions, since people will not want to use their bitcoin but they will be glad to use their litecoin to buy stuff like groceries.