Galaxy Digital CEO Mike Novogratz believes SEC failed to remove price action from XRP, but some community members disagree
Galaxy Digital CEO Mike Novogratz has shared some observations about the performance of the XRP cryptocurrency in a recent tweet, pointing to the fact that its price has managed to triple since the U.S. Securities and Exchange Commission sued San Francisco-based blockchain company Ripple.
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 went on to mention GameStop, the company whose stock was pushed to high heaven by an army of retail traders from Reddit in early 2021, as well as meme cryptocurrency Dogecoin in order to prove his point.
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 didn’t remain on the sidelines and recently scored a minor win, 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.
Despite recovering from the initial drop and soaring higher, XRP remains down over 67% from its Jan. 7 all-time high. Some in the community believe the price action has been removed by
In April, Novogratz tweeted that the XRP rally didn’t make a lot of sense to him after the controversial token witnessed a four-fold increase in price 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 took aim at Novogratz’s seemingly poor price prediction record.
