cryptoglobe.com
Billionaire investor Mike Novogratz says a “new phenomenon” of community resilience has led XRP’s price to triple despite an ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC).
Former hedge fund manager Novogratz is the Founder and CEO of Galaxy Digital, “a diversified financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sector.”
Novogratz, who founded Galaxy Digital in 2018, says XRP’s price has managed to thrive despite increased scrutiny by the SEC.
The regulatory body filed a lawsuit against XRP creator Ripple Labs in December 2020, alleging the company had engaged in the sale of an unregistered security. The price of XRP at the time of the suit’s filing was $0.40, nearly a third of today’s price.
In a tweet published last Sunday (October 17), Novogratz pointed out that the price of XRP token had nearly tripled since the SEC’s actions. Novogratz said it was a testament to the cryptoasset’s community for being “damn resilient.”
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 continued, comparing XRP’s community support to that of GameStop Corp. (NYSE: GME), the shares of which managed a surge in price thanks in large part to the action of online trading forums, including the infamous subreddit r/WallStreetBets.
According to Novogratz, community identity now has value, which represents a “fairly new phenomenon.”
It’s not just the XRP community. Look at GameStop. Or Doge. Resilience. It’s community identity and that now has value. This is a fairly new phenomenon.
— Mike Novogratz (@novogratz) October 17, 2021