Why has Galaxy Digital’s chief executive shifted toward a bullish stance on XRP? The change in tone from Mike Novogratz reflects an aggregation of legal, institutional, technical and market signals that have materially altered the risk-reward calculus for a major crypto investor. Galaxy Digital disclosed a $34 million XRP position in its Q2 2025 SEC filing, a sizable and deliberate allocation that signals renewed institutional confidence after years of regulatory uncertainty. That holding ranks among the larger public XRP stakes by a prominent institutional actor, and it communicates to counterparties and clients that Galaxy regards XRP as investable under prevailing market and legal conditions. Novogratz’s reversal was pragmatic rather than ideological. He previously questioned XRP’s viability because Ripple maintained control of a large token supply, roughly half of issuance, which he believed could impair decentralization and price discovery. Successive court victories by Ripple against the SEC in 2023, however, materially reduced legal tail risk, and Novogratz publicly acknowledged that those outcomes, combined with visible operational leadership from Ripple’s executive team, changed his assessment. He cited the company’s payments-focused development, a robust community, and clearer legal contours as factors that justified moving from skepticism to a measured bullish posture. Concurrently, institutional infrastructure has expanded, especially in Asia, where custody providers such as South Korea’s BDACS now offer XRP custody to major exchanges including Upbit and Coinone. Enhanced custody, regulatory alignment and accessibility materially lower onboarding friction for asset managers and large trading desks, increasing the probability of sustained capital inflows that support liquidity and price discovery. Market technicians add a complementary perspective: daily charts exhibit a bull flag pattern, consistent higher lows and near-term resistances at $3.50 and $4.00, with supports near $3.00 and $2.47. Analysts outline medium-term targets ranging to $8, and upside scenarios extending to $12–$15 under favorable macro and crypto conditions. Despite improving fundamentals, structural regulatory ambiguity persists, and future enforcement posture by agencies remains uncertain. Novogratz’s stance reflects a reappraisal calibrated to reduced legal risk and improved market plumbing, yet it acknowledges that further regulatory clarity and sustained adoption will determine whether institutional reentry yields durable appreciation. Ripple’s recent court victory and settlement, which ended years of uncertainty and led to a surge in XRP’s price, also helped reshape institutional views, underscoring regulatory clarity. Additionally, XRP’s technical setup shows a bullish target near $4.80 that traders are watching closely. This growing institutional interest parallels innovations in blockchain technology such as the use of Proof-of-Work systems that enhance security and scalability.
