- Mike Novogratz now supports XRP, praising its community and performance.
- XRP surged over 500% since November, fueled by regulatory and ETF optimism.
- XRP battles resistance at $2.50, with hopes for further price gains.
Mike Novogratz, the billionaire founder of Galaxy Digital, recently acknowledged his previous misjudgment about XRP, admitting that he was wrong to doubt its power. Known for his bearish views on the altcoin in the past, Novogratz has now become a supporter of XRP, particularly impressed by its community.
Novogratz shared his change in perspective, stating that he never expected XRP to perform as well as it has, considering its legal challenges. “I would’ve never thought XRP would’ve been the best performing token after the inauguration, but it was. The XRP Army is vibrant and strong,” he said, recognizing the loyalty behind the token. He also said that, in the crypto world, community support has become an essential part of an asset’s value and success.
XRP’s Price Surge and Potential Catalysts
XRP has been one of the biggest crypto winners since Donald Trump’s election victory, experiencing a surge of over 500% since early November. The token reached a high of $3.40 in January, driven by speculation that it might be included in the U.S. cryptocurrency reserve.
The optimism surrounding XRP was further fueled by Trump’s nomination of crypto-friendly Paul Atkins to head the SEC, replacing Gary Gensler.
Many believe this could lead to the end of the SEC’s legal battle against Ripple. Another major catalyst is the potential launch of a spot XRP ETF. Seven investment firms, including some with established Bitcoin ETFs, have already filed applications with the SEC. Just today, the CBOE BZX exchange officially submitted a filing to list and trade spot XRP ETFs, adding even more momentum to the token’s bullish run.
Related: XRP Ledger Faces Rare Outage, Recovers Without Loss of Funds
XRP Price: Battling Resistance
XRP is currently attempting to break past the $2.50 mark after trading between a low of $2.29 and a high of $2.46. The coin dropped to $1.96 on February 3, impacted by broader market negativity and global tariff cuts.
Related: Ripple’s CEO Garlinghouse in the Running for Trump Crypto Advisory Council
XRP last traded above the crucial $3 mark on February 1, and it’s unclear if it will reach that level again. With recent comments about easing regulations to support innovation, many are wondering if it will help the price climb back.
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