Galaxy Digital CEO Mike Novogratz used a weekend appearance on Kyle Chassé’s podcast to make an unexpected—if nuanced—bull case for XRP, arguing that the asset’s value today is anchored less in on-chain activity than in an unusually durable, identity-forming community that has survived lawsuits, bear markets and cycles of derision from rivals.

“XRP has one of the strongest communities there is. You want to learn about it, say something bad about them,” Novogratz said . “People will be out in front of your house with picket signs protesting you. Those community members love their token. They have a narrative, it’s going to be payments…” He acknowledged that present-day activity trails faster networks—“We can look at how much use case is on the blockchain. It’s not nearly as much as on So

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