XRP's Unexpected Ally: Mike Novogratz and Galaxy Digital's Evolving View

Galaxy Digital's Mike Novogratz, once a XRP skeptic, now praises its resilience. Discover the driving forces behind XRP's comeback and future prospects.

XRP's Unexpected Ally: Mike Novogratz and Galaxy Digital's Evolving View

Once a doubter, Galaxy Digital's Mike Novogratz now sings XRP's praises, highlighting its vibrant community and robust leadership as key factors in its surprising resilience against regulatory headwinds and market skepticism.

From Skeptic to Believer: Novogratz's XRP Revelation

Mike Novogratz, a prominent figure in the crypto world and founder of Galaxy Digital, has publicly acknowledged his misjudgment regarding XRP. Initially, he believed the SEC lawsuit against Ripple would crush the token. However, XRP not only weathered the storm but emerged stronger, a testament to its underlying strength.

The Unwavering XRP Army

Novogratz credits the XRP community, often called the "XRP Army," for their steadfast support. This dedicated base, combined with the leadership of Ripple CEO Brad Garlinghouse and attorney John Deaton, proved crucial in navigating the legal challenges. Their loyalty and persistence kept XRP relevant, even when many had written it off.

XRP's Market Momentum and Future Catalysts

XRP's resilience is reflected in its market performance, gaining nearly 47.4% since November 2024. Recent activity, like a French finance insider's $48 million XRP purchase, signals bullish sentiment. Moreover, the SEC's upcoming decisions on spot XRP ETF applications in October could further fuel a rally. The successful launch of the REX-Osprey XRP ETF, with a strong debut trading volume, underscores the growing demand for regulated XRP investment products.

Strategic Accumulation and Insider Insights

Crypto expert Pumpius noted that the large XRP purchase by the French finance insider wasn't a random buy but a strategic accumulation, suggesting a belief in major structural changes ahead. This, coupled with technical indicators like the TD Sequential chart signaling a buy signal for XRP, paints a positive picture.

Novogratz's Broader Market Views

While Novogratz is now bullish on XRP, his broader market views are also noteworthy. He believes that a dovish Fed chair could be the biggest catalyst for a Bitcoin rally, potentially pushing BTC to $200,000. This perspective highlights the interconnectedness of the crypto market with broader economic policies.

The Takeaway

XRP's journey from near-death to a thriving asset is a fascinating case study in crypto resilience. Novogratz's change of heart underscores the importance of community, leadership, and regulatory developments in shaping a token's fate. Who knows, maybe one day we'll all be sipping margaritas on a beach funded by our XRP gains! Just kidding... mostly.