Mike Novogratz Claims Ripple Versus SEC Lawsuit Did Not Affect XRP Price

Galaxy Digital CEO Mike Novogratz, who has criticized XRP in the past, believes in the flexibility of the cryptocurrency community. The similar interest of the crypto community has made it difficult to conquer the industry.

Mike Novogratz Says the Value of XRP Tripled After the SEC Lawsuit

Novogratz made his opinion known in a Twitter post on October 17 in which he claims the value of $XRP has actually almost tripled since the SEC lawsuit. He also noted that once a community is formed with the same interest, it is very difficult to bring them down.

The value of $XRP has actually almost tripled since the SEC actions. It hasn’t plummeted. It’s a testament to the fact that once communities are formed with shared interest they are damn resilient. https://t.co/0IPcd8wyuN
— Mike Novogratz (@novogratz) October 17, 2021

Novogratz shared some observations on the performance of the XRP cryptocurrency in a recent tweet, noting that the price has successfully tripled since the US Securities and Exchange Commission sued the blockchain company based in San Francisco.

In a follow-up tweet, he went on to mention GameStop, whose stock was blown to the sky by a group of retailers on Reddit in early 2021, and the memetic cryptocurrency Dogecoin to prove his point.

XRP Plunged More Than 60% From its All-time High After the SEC Lawsuit

Although XRP initially plunged more than 60% after the SEC filed a lawsuit over a large number of exchanges announcing the suspension of trading, Ripple managed to recover quickly when Ripple accepted the fight.

The XRP community did not remain idle, it recently won a small victory: the judge allowed her members to submit legal briefings as amici curiae (friends of the court). However, the court denies the movants motion to intervene directly in the proceedings as a third-party defendant.

Although XRP bounced back from the initial decline and rose, it still fell more than 67% from its all-time high on January 7. Some community members believe that price action has been suppressed

In April, Novogratz tweeted that after the controversial token’s price quadrupled in just a month, the rebound from XRP didn’t make much sense to him.

After facing a community attack, Novogratz compared the XRP army to a deranged conspiracy theorist. Last year, Ripple CEO Brad Garlinghouse targeted Novogratz’s seemingly poor price forecast.

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