Raoul Pal, CEO of Real Vision, has publicly admitted that he was wrong about XRP, a cryptocurrency he had previously criticized for underperforming. His acknowledgment came after a surprising turn of events, where XRP experienced an impressive surge, breaking through the $2 mark, and transforming from one of the most criticized assets into one of the best-performing cryptocurrencies.

The Change in XRP’s Trajectory

XRP, which had been languishing at a price point around $0.50 earlier this year, saw a sudden and sharp rally, pushing its value to over $2.50. This 400% price increase has taken the market by storm, and the cryptocurrency has managed to surpass major coins like Binance Coin (BNB) and Solana, even outpacing the once-dominant stablecoin USDT. XRP now sits just behind Ethereum in terms of market ranking.

Back in August, Pal had strongly advised investors to consider moving away from XRP, calling it “dead” and warning against holding it during the ongoing bull market. At that time, XRP had minimal growth and was consistently ranked among the worst-performing cryptocurrencies. Pal suggested that the long-standing “cult-like” mentality of XRP holders was keeping them from exploring more lucrative opportunities in other tokens.

Raoul Pal’s Apology and Praise for XRP Community

Fast forward to December, and the sudden rise in XRP’s value has made Pal reconsider his previous stance. On social media, he publicly apologized to the XRP community. In a post on X (formerly Twitter), he admitted, “XRP Warriors, I was wrong.” He further acknowledged the unwavering belief of XRP holders, stating, “Dear XRP Jedi Warriors… You were right; I was wrong. Well done.”

Pal clarified that his initial criticism of XRP was not made out of malice, but rather a desire to provide investors with what he believed was the best advice at the time. He admitted that his concerns about XRP stemmed from the fact that it had underperformed for so long. In hindsight, he recognized that the holders of XRP had demonstrated immense resilience and that their long-term belief in the asset had been validated by its massive recent gains.

Pal’s Continued Involvement in XRP

In his apology, Pal also revealed that he still owns XRP tokens, which he had purchased in early 2021 when the token was delisted from several centralized exchanges due to the SEC lawsuit. He explained that he had bought XRP during a time of uncertainty, believing in its potential despite the challenges it faced. Despite his earlier skepticism, Pal now commended the XRP community for sticking by the asset.

Pal’s admission was seen as a sign of humility, and it helped foster goodwill between him and the XRP community. His change of heart was warmly received, with many in the XRP community welcoming his apology and acknowledging his courage in admitting he was wrong.

XRP Army Responds Positively

The response from the XRP community has been overwhelmingly positive. XRP supporters, who have long faced criticism for their unwavering belief in the asset, expressed appreciation for Pal’s honesty. Some community members even called on Pal to look deeper into the XRP Ledger. Panos Mekras, co-founder of Anodos Finance, pointed out that the XRP Ledger is the “real OG DeFi chain,” with features such as the first decentralized exchange (DEX), stablecoins, and advanced payment systems. Mekras believes that XRP’s potential is far from exhausted, and with all the new developments on the horizon, the XRP Ledger remains a crucial piece of the decentralized finance (DeFi) ecosystem.

The Road Ahead for XRP

The price surge of XRP has reinvigorated interest in the cryptocurrency, especially as it now stands as one of the fastest-growing assets in the market. Despite the remarkable growth, the question remains whether XRP can maintain its upward momentum or if it will face a period of retracement. However, with the growing confidence in its long-term prospects, especially in the context of the developments surrounding the XRP Ledger, many see this as a new chapter in XRP’s history.

For now, Pal’s apology serves as a reminder of how quickly the cryptocurrency market can shift, and how the resilience of a community can transform an asset that was once written off into a major contender in the space. XRP holders have proven their belief in the project, and their faith is now being rewarded with impressive gains. Only time will tell if this surge continues or if it was a short-term spike, but for now, the XRP community has earned a moment of celebration.