Raoul Pal, a prominent financial analyst and former hedge fund manager, has publicly commended the XRP community following the cryptocurrency’s significant price surge.
In a post on X (formerly Twitter), Pal acknowledged the accuracy of XRP enthusiasts’ predictions, admitting his skepticism had been misplaced.
Addressing his teeming followers, Pal referred to the XRP supporters as “XRP Jedi Warriors,” recognizing their steadfast belief in the cryptocurrency’s potential.
He admitted, “You were right, I was wrong. Well done! Dinosaurs still roam the earth.” Pal also highlighted the community’s challenges, remarking that they had “walked through hell to get here.”
The financial expert also recalled the hardships endured during the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple in 2020. This legal action led to XRP being delisted from prominent exchanges such as Coinbase, Binance US, and Bitstamp.
While trading was suspended, users could still hold, deposit, and withdraw XRP. Pal noted that he retained some XRP during that turbulent period, describing it as the “delisting times.”
Earlier in the year, Pal had criticized XRP and ADA, suggesting they had become “cults” and advising investors to avoid them. However, the recent market developments compelled him to revise his stance, particularly as XRP’s price climbed past $1 and then surged to over $2.
The price rally coincided with a significant transaction by Ripple. Data from Whale Alert, a platform that tracks large cryptocurrency transfers, revealed that Ripple released one billion XRP tokens from escrow on December 1. At the current market value, this amounted to over $2 billion.
XRP’s remarkable performance has been particularly notable since November 24, when the token traded above $1. Since then, XRP has experienced an impressive 84.78% increase, reaching $2.73 at the time of writing. The rally solidified XRP’s position as the third-largest cryptocurrency by market capitalization, a spot it had not held in years.
The timing of Ripple’s escrow release, coupled with XRP’s price surge, has sparked interest among market analysts and the broader crypto community. This significant development comes as Ripple continues to expand its presence in global payment solutions and reinforces the resilience of XRP supporters despite past challenges.
Pal’s acknowledgment marks a turning point in his view of XRP, signaling broader recognition of the cryptocurrency’s potential. As the market evolves, dedicated communities like XRP’s remain a testament to the influence of collective conviction in the crypto landscape.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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