Mike Novogratz, CEO of Galaxy Digital, was previously known to be a critic of Ripple’s XRP. The expert, however, changed his mind about the relevance of this crypto, publicly admitting that he was wrong.
Mike Novogratz, convinced by XRP, Ripple’s native crypto
Mike Novogratz has publicly reversed his skepticism towards Ripple and its native crypto, XRP. ” I was wrong “admitted the CEO of Galaxy Digital, a crypto asset manager, incidentally engaged in the Bitcoin Spot ETF race.
The change of perspective by Mike Novogratz on the subject of XRP does not intervene by chance. Indeed, it follows Ripple’s notable legal victories in 2023 and their effect of strengthening the firm’s position in the crypto sector.
You should know that initially, Mike Novogratz had expressed doubts about the relevance of XRP in the long term. As an argument, he highlighted the strong involvement of Ripple which owned 60% of XRP assets initially, compared to around 50% for some time.
Now, with this development and others that have come before, Mike Novogratz recognizes the commitment of “the XRP army”, in improving the ecosystem around this crypto. This, highlighting the particular position acquired by XRP in the crypto landscape like bitcoin (BTC).
XRP in the spotlight?
For analysts, this new development involving the CEO of Galaxy Digital adds a little more to Ripple’s credibility. Pro-XRP lawyer John Deaton’s criticism of Jay Clayton, the former chairman of the SEC, already contributed to this in some way.
Meanwhile, Ripple’s native crypto is being talked about negatively. In fact, its price has recently collapsed amid a broader market correction. A situation which nevertheless raises questions about the restoration of its price.
Despite a 6% drop in the last 24 hours, XRP price could rebound to reach the 50% Fibonacci level. This is a key area where it is expected that the price could rebound after a downward correction.
Currently trading around $0.62, above the 200-day exponential moving average, the recovery of the XRP crypto is anticipated. Analysts believe that this would be influenced by positive developments in the lawsuit between Ripple and the SEC.
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