Billionaire Mike Novogratz Bullish on XRP – Could This Be the Catalyst for a Breakout?

Mike Novogratz Price Prediction XRP

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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February 21, 2025 10:41 EST

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XRP has fallen by 1.5% in the past 24 hours, with its decline to $2.67 coming as the cryptocurrency market barely moves today.

XRP is now down by 3% in a week and 15.5% in a month, although the altcoin – now the third-biggest in the market – retains a 400% increase in a year.

These percentages come as billionaire investor and Galaxy Digital founder Mike Novogratz expressed bullishness for XRP in a podcast yesterday, suggesting that its early first-mover advantage will help it remain one of the top altcoins in the market.

And with XRP looking forward to the possibility of ETFs this year, its price could see some very significant gains in the coming months.

Billionaire Mike Novogratz Bullish on XRP – Could This Be the Catalyst for a Breakout?

Speaking on the Galaxy Brains podcast, Novogratz spent some time discussing the altcoin market, and how prices have been suffering from an excess of new token launches.

“One of the reasons why I think the prices of all these alts are going down is, there are too many of them,” he said. “There’s an infinite amount of token supply coming up, from Trump Coin to new L2s and new bridges, and there’s not enough time for those narratives to build community.”

Yet conversely, he had some more positive things to say about the established alts, including Cardano and XRP, which have a strong early-mover advantage over newer upstarts.

“Because they got started early when there weren’t as many choices and they built community,” he said, implying that they would continue to stay ahead of most newer alternatives.

These remarks have hardly had a galvanizing effect on the XRP price, but they may in the medium- and long-term help to crystallize a more positive attitude towards the alt within the wider market.

As we can see from XRP’s chart today, it has suffered a dip in momentum in the past 24 hours, yet this comes within the context of a recently formed golden cross.

Moreover, XRP’s relative strength index (purple) looks like it has entered a bullish phase after oscillating between 50 and 30 for several days earlier this week.

This would indicate that, after today’s dip, the XRP price could return to growth, potentially reaching $2.75 in the next few weeks and $3 by the end of Q1.

And given that XRP ETFs seem increasingly likely, we could even see the coin reach $4 by H2.

Newer Alts Show More Momentum

As bullish as the long-term picture seems for XRP, there’s a possibility that it may show only slow progress in the near term, especially with the market remaining in an uncertain mood.

If so, traders may prefer to diversify into newer tokens, with certain presale coins looking good for some big rallies in the coming weeks.

One of these is Solaxy (SOLX), a layer-two network for Solana that has raised a very impressive $22.7 million in its presale.

As the first proper L2 protocol for Solana, Solaxy is already turning lots of heads, promising to provide users with ultra-low transactions fees and high scalability.

It also offers instant bridging between itself and Solana, with its team planning to add compatibility with other networks in the future.

And as its native token, SOLX will be necessary to pay for transaction fees, meaning that it could experience lots of demand once Solaxy goes live.

The project has an impressive 70,000 followers on X, a sign of its potential growth.

You can join its sale by going to the Solaxy website and connecting a suitable wallet (such as Best Wallet), with SOLX available at $0.001642.

This price will rise in under two days, while it could rally once the coin lists.