Raoul Pal Praises XRP Community: “You Were Right, I Was Wrong”
Renowned financial expert Raoul Pal recently admitted that he was wrong about XRP, the cryptocurrency affiliated with Ripple, after the coin experienced a dramatic surge in price, reaching over $2. The price spike saw XRP reclaim its spot as the third-largest cryptocurrency by market capitalization, a position it had lost some time ago.
Raoul Pal’s Apology to the XRP Community
In a tweet addressed to his followers, Pal expressed his acknowledgment of the XRP community’s unwavering belief in the coin’s potential. Referring to them as “XRP Jedi Warriors,” Pal admitted that they were right all along regarding XRP’s price rally. “You were right, I was wrong. Well done! Dinosaurs still roam the earth,” he wrote, signaling both a humble admission of his previous skepticism and a nod to the community’s resilience.
Pal also recognized the difficult journey the XRP community had endured, particularly during the period when Ripple faced a lawsuit from the U.S. Securities and Exchange Commission (SEC). The lawsuit, which claimed that XRP was an unregistered security, resulted in major exchanges suspending XRP trading. Despite the challenges, Pal noted that the community had continued to hold firm in their belief in XRP’s future.
XRP’s Incredible Surge and Market Recovery
Pal’s admission came after XRP’s price skyrocketed from under $1 to above $2 in a short time frame, marking a significant rally for the coin. The growth has been attributed to various factors, including Ripple’s consistent development and the community’s ongoing support, despite the legal battles.
Pal previously criticized XRP and other coins like Cardano (ADA) earlier in the year, calling them “cults” and advising investors to avoid them. However, the recent price rally has caused him to reconsider his stance, acknowledging that XRP has shown significant potential for future growth.
Ripple’s Role in XRP’s Price Movement
As XRP’s price continued to soar, Ripple, the company behind the coin, moved a substantial one billion XRP coins from its escrow account, equivalent to over $2 billion at the time. This massive release added fuel to the price surge, which had already seen an 84.78% increase since late November 2024. XRP’s price, currently at $2.41, has gained significant traction in the market, with many speculating that this is only the beginning of its price climb.