From skepticism to Admiration: Mike Novogratz Changes His Mind About Ripple's XRP Crypto

Mike Novogratz, the CEO of Galaxy Digital, was until now known for being a critic of Ripple’s XRP. The expert has, however, changed his mind regarding the relevance of this cryptocurrency, publicly admitting that he was wrong.

Mike Novogratz, Convinced by XRP, Ripples’ Native Cryptocurrency

Mike Novogratz has publicly retracted his skepticism towards Ripple and its native cryptocurrency, XRP. “I was wrong,” admitted the CEO of Galaxy Digital, a crypto asset manager, who incidentally is also engaged in the race for Bitcoin Spot ETFs.

The change in perspective of Mike Novogratz regarding XRP did not happen by chance. Indeed, it follows significant legal victories by Ripple in 2023 and their effect of reinforcing the firm’s position in the crypto sector.

It is worth noting that initially, Mike Novogratz had expressed doubts about the long-term relevance of XRP. As an argument, he highlighted Ripple’s significant involvement, which owned 60% of the initial XRP assets, as opposed to about 50% for some time now.

Now, with this development and others that have preceded it, Mike Novogratz acknowledges the commitment of the “XRP Army,” in improving the ecosystem around this cryptocurrency. This, by highlighting the unique position that XRP has acquired in the crypto landscape, similar to bitcoin (BTC).

Crypto Mogul Mike Novogratz on XRP: "I Was Wrong"

Galaxy Digital's Mike Novogratz retracts his skepticism about XRP, now lauding its strong community and Ripple's stewardship.https://t.co/5oEml3sO8s

— 🇳🇱 MackAttackXRP® 🇳🇱 66K-XRP-Followers (@MackAttackXRP) December 11, 2023

XRP in the Spotlight?

For analysts, this new development involving the CEO of Galaxy Digital adds a bit more to the credibility of Ripple. The criticisms from pro-XRP lawyer John Deaton towards Jay Clayton, the former chairman of the SEC, already contributed to this in a certain way.

Meanwhile, Ripple’s native cryptocurrency is getting negative attention. In actuality, its price has recently collapsed in a more general context of market correction. A situation that nonetheless raises questions regarding the restoration of its price.

Despite a 6% decrease in the last 24 hours, the XRP price might bounce back to reach the 50% Fibonacci level. This is a key zone where the price is expected to rebound after a downward correction.

Currently trading around $0.62, above the 200-day exponential moving average, the recovery of the XRP cryptocurrency is anticipated. Analysts believe that it would be influenced by positive developments in the lawsuit between Ripple and the SEC.