Galaxy Digital CEO Mike Novogratz believes SEC failed to remove price action from XRP, but some community members disagree
Galaxy Digital CEO Mike Novogratz shared some observations on the performance of cryptocurrency XRP in a recent tweet, highlighting the fact that its price has managed to triple since the United States Securities and Exchange Commission sued. Ripple, a San Francisco-based blockchain company.
The value of $ XRP has in fact nearly tripled since SEC shares. He didn’t fall. It’s a testament to the fact that once communities are formed with a common interest, they are damn resilient. https://t.co/0IPcd8wyuN
– Mike Novogratz (@novogratz) October 17, 2021
Novogratz, who has been very critical of XRP in the past, believes this highlights just how resilient cryptocurrency communities can be.
In a follow-up tweet, he then mentioned GameStop, the company whose shares were pushed to the skies by an army of Reddit retail traders in early 2021, as well as the cryptocurrency meme Dogecoin in order to prove its point. seen.
While XRP initially plunged over 60% following the SEC lawsuit due to a slew of trading suspension announcements from the exchanges, it managed to rebound quickly when Ripple embraced the fight.
The XRP community has not been left on the sidelines and recently won a minor victory, with the judge allowing its members to submit legal briefs as amici curiae (friends of the court). However, they will not be able to participate directly in the litigation process as third party defendants.
Although it has recovered from the initial decline and has soared, XRP remains down more than 67% from its all-time high on January 7. Some in the community believe the price action has been removed by
In April, Novogratz tweeted that the XRP rally didn’t make much sense to him after the controversial token saw its price quadruple in just one month.
After facing attacks from the community, Novogratz likened the XRP army to lopsided conspiracy theorists.
Last year, Ripple CEO Brad Garlinghouse aimed to Novogratz’s seemingly mediocre price prediction record.