Galaxy Digital CEO Mike Novogratz has shown some support for the XRP cryptocurrency, arguing that it has a "narrative" in a recent interview.
According to Novogratz, smaller ecosystems tend to persist due to the fact that they have "some little narrative" that helps to keep their participants engaged.
The cryptocurrency billionaire has admitted that he was "wrong" about Cardano after criticizing the token in the past.
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"I thought lots of these ecosystems would go away. And they didn't. And I have a very different view on this now. It's the libertarian view. If people want to be part of the XRP Army, let them. That's their decision," he said.
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The crypto mogul has added that all of these ecosystems have "a little bit" of store of value in them. "People are storing their value there. And the narrative that gets people there is often not store of value," he said.
Novogratz used to be critical of XRP, voicing his concerns about Ripple's vast token holdings and the lack of use cases.
The 60-year-old executive later admitted that he was wrong about XRP, praising the community behind the token.
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