• Despite an SEC lawsuit, the value of XRP has nearly tripled as a result of a ‘new phenomenon,’ according to Galaxy Digital CEO

  • According to Galaxy Digital CEO Mike Novogratz, a “new phenomenon” is assisting XRP’s price to thrive despite the ongoing Securities and Exchange Commission (SEC) lawsuit against Ripple.

    The SEC officially filed a lawsuit against Ripple Labs on December 22nd, 2020, alleging that XRP was an unregistered security at the time of its launch and continues to be a security to this day. Since the complaint was filed, XRP has increased by over 172 percent, from $0.40 to $1.09 at the time of writing.

    The CEO of the digital asset management firm tells his 379,000 Twitter followers that the asset’s price movement is proof of the XRP community’s worth.

    “The value of XRP has nearly tripled since the SEC’s actions.” It hasn’t dropped dramatically. It’s proof that once a community is formed around a common interest, it’s incredibly resilient.”

    “It’s not just the XRP community,” says one. Consider GameStop. Alternatively, DOGE (Dogecoin). Resilience. It’s community identity, and it’s now valuable. This is a relatively new occurrence.”

    On a broader scale, Novogratz claims that crypto wealth now accounts for 0.5 percent of global wealth.

    “This means that if you don’t have at least a half-percentage stake in cryptocurrency, you’re short the global benchmark.” The majority of institutions are still at 0. As they move in, that number will drop to one, then two, and so on…. “The cycle has begun.”

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