Raoul Pal, a renowned financial expert, acknowledged his misjudgment regarding XRP in a recent tweet. His remarks followed the Ripple-affiliated cryptocurrency’s impressive ascent above $2, reclaiming its top-three position on CoinMarketCap. Addressing XRP enthusiasts, whom he referred to as “XRP Jedi Warriors,” Pal admitted, “You were right, I was wrong. Well done!”
The acknowledgment signals a policy change from Pal, who slammed XRP as a “cult asset” alongside ADA in January and advised traders to avoid investing in older coins. Nevertheless, as XRP had witnessed significant price appreciation he attributed it to the community’s ability to withstand some of the headwinds such as the Securities and Exchange Commission lawsuit in 2021 that saw it delisted across most trading platforms. Nevertheless, Pal affirmed having XRP during the time when they threatened to delist it.
Also Read: XRP Surges by 28%, Reclaims Third Spot Among Cryptocurrencies
Ripple Unlocks One Billion XRP Amid Price Rally
On December 1, the blockchain company Ripple unlocked one billion XRP from escrow, equivalent to over $2 billion at the current price. This move coincided with XRP’s sharp price increase, surging 63% from November 24 at just above $1 to $2.41, an 84.78% rise.
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This massive volatility has brought out the survival of XRP and the community behind this leading cryptocurrency. The recent run-up has also brought the usefulness of the currency back to people’s attention, backed by fully loaded trading volumes and active management at Ripple’s end. The upward movement of XRP has changed its standing in the market after suffering legal and market setbacks.
Conclusion
XRP’s remarkable resurgence above $2 and Raoul Pal’s public acknowledgment of the community’s foresight underscore the cryptocurrency’s potential. As Ripple continues to unlock reserves and maintain momentum, XRP remains a focal point in the evolving cryptocurrency landscape.
Also Read: Ripple’s XRP Soars to $1.70: What’s Next for the Price in December 2024?
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.