Mike Novogratz's XRP U-Turn: From Underestimated to Undeniable

Galaxy Digital's Mike Novogratz admits underestimating XRP, citing its resilient community and leadership as key factors in its surprising success.

Mike Novogratz's XRP U-Turn: From Underestimated to Undeniable

Who saw this coming? Galaxy Digital's Mike Novogratz, a seasoned crypto investor, publicly admitted he underestimated XRP. Turns out, he's not the only one eating their words.

Novogratz's Initial Skepticism

Novogratz initially doubted XRP's staying power, especially given the SEC lawsuit. He even likened the XRP community to a cult (ouch!). But hey, he's mellowed out, acknowledging that fervent fandom is pretty common among successful cryptos. Remember the Bitcoin maximalists? He gets it now.

The XRP Army: A Force to Be Reckoned With

What changed his mind? Two words: community and leadership. Novogratz gives major props to Ripple CEO Brad Garlinghouse and attorney John Deaton for navigating the legal storm. But he emphasizes the unwavering loyalty of the "XRP Army." Their support kept XRP afloat when others were writing its obituary. He now considers it one of the strongest communities in the crypto space, right up there with the Bitcoin faithful.

Numbers Don't Lie: XRP's Impressive Performance

Since November 2024, XRP has surged nearly 47.4%, making it a top performer. As of recently, XRP was trading at $2.87, boasting a market cap of $171.98 billion. Not bad for a token everyone thought was down for the count.

XRP: More Than Just a Survivor

Beyond surviving the SEC saga, XRP is evolving. Matt Hamilton, former Director of Developer Relations at Ripple Labs, pointed out that the XRP Ledger uses a similar hashing mechanism to Bitcoin. Plus, Ripple is forging partnerships to bring tokenized U.S. Treasuries to the XRP Ledger, positioning it as a player in institutional DeFi.

Could XRP Outperform Bitcoin?

Hamilton even dared to suggest that if Michael Saylor had bet on XRP instead of BTC, his company could be worth twice as much. Bold claim! While that's debatable, it highlights the growing confidence in XRP's potential.

Final Thoughts: Never Underestimate the Underdog

Novogratz's admission is a valuable lesson: never underestimate a resilient community and strong leadership. XRP's journey proves that even when the odds are stacked against you, unwavering belief can make all the difference. So, what's next for XRP? Only time will tell, but one thing's for sure: it's no longer the underdog. It's a contender, baby!