Raoul Pal, a well-known financial expert, has praised the XRP community. Pal admitted in a recent tweet that his earlier stance on XRP’s potential was incorrect. This admission came after XRP’s price experienced significant growth.
Raoul Pal’s Earlier Criticism of XRP
At the start of the year, Pal criticized XRP and ADA. He described them as “cult-like” and advised investors to avoid them. However, the recent price surge has led Pal to admit he underestimated XRP’s potential.
XRP Sees Massive Price Growth
According to Whale Alert, Ripple unlocked one billion XRP coins from escrow on December 1. This move coincided with XRP’s price reaching $2.41. The cryptocurrency’s value increased by 84.78% in just over a week. It had already surpassed $1 by November 24 and continued its climb.
XRP Price Surges Above $2
The cryptocurrency, which is linked to Ripple, witnessed an impressive spike. XRP’s price surged past the $2 mark and regained its position among the top three cryptocurrencies on CoinMarketCap. The abrupt rise surprised many in the crypto space, including Pal.
“XRP Jedi Warriors Were Right”: Raoul Pal Apologizes
Raoul Pal addressed the XRP community in a tweet. He referred to XRP supporters as “Jedi Warriors” and acknowledged their conviction about the coin. His statement, “You were right, I was wrong,” highlighted his change of perspective. He also praised the community for enduring challenges.
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XRP Overcame Legal and Trading Hurdles
Pal reminded followers about the difficulties XRP faced after the SEC filed a lawsuit against Ripple. This lawsuit alleged that XRP was an unregistered security. Many exchanges, including Coinbase and Binance US, suspended XRP trading. Despite this, users were allowed to deposit, withdraw, and hold XRP on these platforms.
XRP Community Validated by Recent Growth
The XRP community has been vindicated by the coin’s recent success. The resilience shown by XRP supporters during challenging times has been acknowledged even by skeptics like Raoul Pal.
