Galaxy Digital CEO Mike Novogratz attributes the resilience of XRP not to Wall Street capital, but to the unwavering belief of the so-called “XRP Army.” In a recent podcast, Novogratz discussed how the fundamentals of the market are shaped by spot ETFs on the Bitcoin side, while the grassroots ownership keeps XRP’s visibility and interest alive. He argued that community loyalty has evolved into a mechanism for survival amid the rapidly expanding narratives of coins in the cryptocurrency market.
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According to Novogratz, the essential dynamic sustaining XRP is not the steady interest from Wall Street, but the unbroken community support through multiple market cycles. The continuous vocal presence and interactions of the “XRP Army” keep the altcoin in the spotlight. This ensures the asset does not fade away among new projects and short-lived trends.
This viewpoint aligns with the idea that in a time when capital is becoming more selective, altcoins with weak communities may eventually become invisible. Novogratz places XRP in the same category as some cryptocurrencies that have survived a long time, implying that the factor of belief can create persistence independent of promises of innovation or returns.
Analyst Xaif Crypto recalled a point made by Ripple CTO David Schwartz in 2017. He explained that since transaction fees on the XRP Ledger are not denominated in dollars but in XRP, as the price rises, the fees can become cheaper in real terms, potentially strengthening liquidity and network security.
ETFs, Supply Dynamics, and Macro Pressures
Meanwhile, Novogratz explained that spot Bitcoin ETFs play a dominant role in the structure of the Bitcoin market. He noted that ETF entries can absorb supply even in volatile periods, creating barriers to sharper declines, and interpreted Bitcoin’s inability to clearly reclaim the $100,000 level not as exhaustion but as consolidation.
Novogratz described the $100,000 band as both a psychological and technical barrier, stating that past aggressive buying has created peak supply here, with large investors viewing ascents as selling opportunities. However, he emphasized that he perceives the situation not as a loss of momentum, but as consolidation and a search for equilibrium.
Furthermore, there is a narrative around ETFs extending to XRP as well. Legal expert Bill Morgan noted that the anticipated “XRP ETF supply shock” effect has materialized at least partially, with XRP-related investment product developments surprising the market. Novogratz, however, remained cautious on the risk side, warning that a potential sharp drop in Nasdaq could pull down cryptocurrencies too, and that the risk of job loss due to artificial intelligence adds an extra layer of uncertainty for all risky assets.



