Ripple's Lead Executive Expresses Uncertainty Regarding the Source of XRP Supporters; Novogratz Voices Similar Sentiment
In a recent podcast appearance, Mike Novogratz, CEO of Galaxy Digital, shared his changed perspective on XRP and the passionate community known as the "XRP Army."
Novogratz, who previously expressed skepticism towards XRP due to concerns about centralization and perceived lack of utility, now views the token as a store of value. He admitted that people choose to store their hard-earned dollars in XRP, reflecting its growing significance in the cryptocurrency market.
The "XRP Army," a global community of XRP supporters, has been a vocal defender of the token during regulatory challenges, particularly the SEC's legal dispute against Ripple. The community, known for its resilience, tireless advocacy, and social media presence, has rallied around XRP as a "store of value" and a revolutionary crypto payment solution.
Despite the community's prominence, Ripple CEO Brad Garlinghouse has expressed uncertainty about its precise origins. Novogratz, however, credited Garlinghouse for fostering a community spirit at Ripple, which seems to have contributed to the organic growth of the "XRP Army."
Notable among the community's advocates is John Deaton, who provided legal support for XRP holders during the SEC lawsuit. Deaton, who considers the actions against Ripple to be an injustice done to his community, filed an amicus curiae motion on behalf of tens of thousands of XRP holders. His efforts in the lawsuit saga were praised by Novogratz, who noted Deaton's dedication to the cause.
In 2023, Novogratz admitted he was wrong about XRP, recognizing it as one of the biggest altcoins by market cap. He now believes that people should be allowed to buy the XRP token, echoing the sentiments of the "XRP Army" and many XRP supporters worldwide.
The exact context of the podcast where these comments were made is not provided, but Novogratz's change in perspective highlights the evolving landscape of the cryptocurrency market and the continued importance of community support in shaping its future.
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