Mike Novogratz Hails XRP’s Transformation: From Crypto Outsider to Legitimate Digital Money

Wall Street's crypto king crowns XRP as money that finally works

Galaxy Digital CEO Mike Novogratz—never one to mince words—just handed XRP the ultimate backhanded compliment: It's evolved from 'regulatory nightmare' to something resembling actual currency. The once-maligned token now clears payments faster than a Goldman Sachs VP dodges subpoenas.

Ripple's relentless grind pays off

After years of legal trench warfare with the SEC, XRP's infrastructure now handles cross-border settlements at speeds that make legacy banks look like dial-up internet. Institutions quietly adopting it? Ironic, given how loudly they once scoffed.

The kicker? This validation comes just as traditional finance starts realizing their 'stablecoins' are just XRP with extra steps and weaker tech. The market always picks the best tool—even if Wall Street takes a decade to admit it.

TLDR

• Mike Novogratz praised XRP for its successful transition from a cryptocurrency token to a legitimate form of money.
• Novogratz highlighted the complexity of turning a token into money, noting that XRP is among the few to have achieved this.
• Despite early doubts, Novogratz acknowledged that XRP’s growing community helped reshape its narrative and success.
• The loyalty and belief of XRP’s community played a crucial role in its evolution into a widely accepted monetary asset.
• Novogratz compared the XRP community to Bitcoin’s, emphasizing the importance of belief and culture in driving value.

Mike Novogratz, CEO of Galaxy Digital, has praised XRP for its transition from a cryptocurrency token to a legitimate form of money. In a recent interview with CoinDesk, Novogratz acknowledged the complexity behind XRP’s success. He highlighted how the token defied expectations and transformed its narrative. This shift enabled XRP to become a global monetary asset.

Novogratz Praises XRP’s Transformation into Money

XRP has achieved something rare in the cryptocurrency space: it has become money. Novogratz explained that turning a crypto asset into a true form of money is “really, really complicated.” He noted that only a few tokens have crossed that threshold, and XRP is one of them.

"How do you turn something from being a token into money?… XRP has done it."

Galaxy CEO Mike Novogratz (@novogratz) called it early.

Today, the market confirmed it: The $XRPC ETF has just broken BSOL’s record for the biggest day-one debut of the year.

Thank you @OwlTing… pic.twitter.com/KdqjFinmsO

— CoinDesk (@CoinDesk) November 13, 2025

For many in the crypto industry, XRP’s rise was a surprise. Even Novogratz, who has supported the project, admitted his early doubts about XRP. He initially questioned the token’s decentralization and its overall structure. Over time, however, he said those concerns seemed less important.

One of the most significant factors in XRP’s success is its dedicated community. Novogratz emphasized the strength of the XRP army, which has remained loyal despite regulatory hurdles and market downturns. He believes the community reshaped XRP’s destiny, turning it into a functioning monetary asset.

XRP’s community’s strength was key to its evolution into a widely accepted token. Novogratz acknowledged the unique bond within this group. They were able to rally around a shared belief, turning XRP into what many now treat as money.

Novogratz’s views align with his previous statements in 2023, in which he admitted to being “dead wrong” about XRP. He now sees XRP not just as a crypto asset but as a digital currency with a growing global base.

XRP Compared to Bitcoin’s Community

In the interview, Novogratz also compared the XRP community to Bitcoin’s. Both communities, he argued, treat their respective tokens as a store of value. The belief in the narrative and the culture around the tokens play a major role, not just the underlying technology.

He pointed out that this sense of community was similar to that of other brands, such as Tesla, that have achieved high valuations. The culture surrounding XRP has helped it maintain a strong position in the market. This, according to Novogratz, is a testament to the power of a loyal and committed community.

With the launch of XRP-based ETFs, the token is seeing increased attention. These financial products are setting new records for 2025, further solidifying XRP’s status in the financial landscape. As XRP continues to grow, Novogratz’s acknowledgment of its success offers fresh validation for its supporters.