XRP supporter Michael A. Gayed, a portfolio manager at Toroso Investments, has recently shown public interest in the XRP token. This development is seen as a significant boost for the altcoin, as it attracts endorsements from notable figures in the financial sector.
On the X social media network, Gayed hinted at becoming more vocal about XRP, suggesting a growing enthusiasm among traditional finance experts. This endorsement is perceived by the community as a sign of increasing mainstream interest in XRP, which could lead to a broader adoption of the cryptocurrency.
The Influence of a New XRP Supporter
Gayed, who publishes The Lead-Lag Report—a market research service providing risk signals and macro observations—has been featured on platforms like CNBC. His comments come at a time when major investors are taking notice of XRP, further legitimizing its potential in the market.
Dave Portnoy, founder of Barstool Sports, also made headlines by investing $1 million in XRP, showcasing another prominent XRP supporter. Such endorsements not only bolster confidence in XRP but also highlight the altcoin’s growing appeal.
XRP ETFs and Market Impact
Despite his support for XRP, Gayed has been critical of cryptocurrency narratives, particularly concerning Bitcoin. He voiced concerns about Bitcoin ETFs, stating that they primarily benefit issuers rather than retail investors. This skepticism contrasts with the positive sentiment around XRP ETFs, which have seen substantial inflows.
As of now, nine spot XRP ETFs have managed assets worth approximately $900 million since their inception. Major issuers such as Franklin Templeton, Bitwise, 21Shares, ProShares, and Grayscale continue to see daily inflows of $10–15 million, underscoring the growing XRP endorsement trend.
Gayed’s critical viewpoint on Bitcoin as a “store of value” or inflation hedge challenges popular crypto theses, aligning more with the economic realities he observes. This perspective might attract investors looking for alternative narratives within the crypto space.
Why More Financial Leaders Are Becoming XRP Supporters
The rise in XRP supporters can be attributed to several factors:
- The growing recognition of XRP’s utility in cross-border payments.
- Regulatory clarity emerging in some jurisdictions.
- Increased institutional interest, evidenced by substantial ETF inflows.
- Shifting narratives away from Bitcoin maximalism.
- High-profile endorsements increasing mainstream legitimacy.
As more financial leaders endorse XRP, the altcoin’s market position strengthens, signaling potential for further growth and adoption.
