Key Takeaways
- • Mike Novogratz, Galaxy Digital founder, publicly reversed his previous skepticism on XRP, stating "I was wrong" and acknowledging Ripple's strong institutional presence and resilient "XRP Army" community despite SEC enforcement actions.
- • XRP's value has nearly tripled since SEC legal actions against Ripple, contradicting bearish predictions; the asset is trading at Rp24.794 with a market cap of Rp1.551,91 trillion as of September 15, 2026, reflecting renewed institutional interest.
- • Ondo Finance is launching tokenized U.S. Treasury products on the XRP Ledger, signaling institutional momentum toward regulated financial assets moving on-chain and validating real-world business applications for the platform.
- • XRP's recent 42% price surge from $1.00 to $1.42 was driven by spot buying rather than leverage, with trader derivatives exposure declining by 98.5 million XRP, indicating fundamental demand strength above resistance at $1.49.
- • U.S. regulatory clarity remains critical; lawmakers are pushing for defined SEC and CFTC roles to replace enforcement-based regulation, though implementation timelines remain uncertain.
Summary
Mike Novogratz, founder and CEO of Galaxy Digital, has publicly reversed his long-standing skepticism of XRP and Ripple, marking a significant reversal in sentiment from institutional crypto leadership. Novogratz's previous concerns centered on Ripple's concentrated ownership of XRP tokens—noting that the company initially held 60% of the supply, later declining to 55% or 50%—which he viewed as a structural vulnerability. However, Novogratz now acknowledges that Ripple has sustained the ecosystem through both regulatory pressure and market volatility, crediting CEO Brad Garlinghouse and his team for maintaining institutional confidence and the dedication of XRP's grassroots community, colloquially known as the "XRP Army."
The reversal is particularly notable given the legal context: XRP's value has nearly tripled since the SEC initiated enforcement actions against Ripple, contradicting earlier predictions that regulatory action would diminish the asset's viability. This performance has validated Novogratz's reassessment that strong community narrative and institutional backing can sustain cryptocurrencies through adverse regulatory environments.
Market momentum is reinforcing this institutional rehabilitation. XRP is trading at Rp24.794 with a market cap of Rp1.551,91 trillion as of September 15, 2026, with a 0.50% daily gain. More significantly, XRP's price surged 42% from approximately $1.00 to $1.42, driven predominantly by spot buying rather than leveraged derivatives positions. Traders reduced their derivatives exposure by 98.5 million XRP during this rally, indicating organic demand rather than speculative leverage—a healthier price discovery mechanism for institutional investors.
Critical to institutional viability is the emergence of regulated financial products on the XRP Ledger. Ondo Finance has announced plans to bring tokenized U.S. Treasury products to the network, demonstrating that real-world, regulated assets are moving on-chain and anchoring utility beyond speculative trading. This development directly addresses Novogratz's stated condition that cryptocurrencies like XRP must demonstrate tangible business applications to remain viable long-term.
U.S. regulatory clarity remains the final variable. Lawmakers are actively pushing for defined roles between the SEC and CFTC to replace current enforcement-based regulation, though implementation timelines remain uncertain. This structural uncertainty, combined with demonstrated community resilience and emerging institutional products, appears to have shifted institutional assessments of XRP's risk-reward profile as of mid-September 2026.
The reversal is particularly notable given the legal context: XRP's value has nearly tripled since the SEC initiated enforcement actions against Ripple, contradicting earlier predictions that regulatory action would diminish the asset's viability. This performance has validated Novogratz's reassessment that strong community narrative and institutional backing can sustain cryptocurrencies through adverse regulatory environments.
Market momentum is reinforcing this institutional rehabilitation. XRP is trading at Rp24.794 with a market cap of Rp1.551,91 trillion as of September 15, 2026, with a 0.50% daily gain. More significantly, XRP's price surged 42% from approximately $1.00 to $1.42, driven predominantly by spot buying rather than leveraged derivatives positions. Traders reduced their derivatives exposure by 98.5 million XRP during this rally, indicating organic demand rather than speculative leverage—a healthier price discovery mechanism for institutional investors.
Critical to institutional viability is the emergence of regulated financial products on the XRP Ledger. Ondo Finance has announced plans to bring tokenized U.S. Treasury products to the network, demonstrating that real-world, regulated assets are moving on-chain and anchoring utility beyond speculative trading. This development directly addresses Novogratz's stated condition that cryptocurrencies like XRP must demonstrate tangible business applications to remain viable long-term.
U.S. regulatory clarity remains the final variable. Lawmakers are actively pushing for defined roles between the SEC and CFTC to replace current enforcement-based regulation, though implementation timelines remain uncertain. This structural uncertainty, combined with demonstrated community resilience and emerging institutional products, appears to have shifted institutional assessments of XRP's risk-reward profile as of mid-September 2026.
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