According to Galaxy Digital CEO Mike Novogratz, a “new phenomenon” is helping the price of XRP thrive despite the ongoing Securities and Exchange Commission (SEC) lawsuit against Ripple. According to the statements of the famous CEO, the price tripled despite the lawsuit.
SEC, XRPfiled a formal lawsuit against Ripple Labs on December 22, 2020, alleging that . XRP since the filing of the complaint; It was up 172 percent from $0.40 to $1.09 at the time of writing.
The CEO of the digital asset management firm emphasizes to his 379,000 Twitter followers that the asset’s price action is a testament to the value of the XRP community:
“The value of XRP has nearly tripled since the SEC actions. It hasn’t fallen. This is proof that communities are incredibly resilient once they are clamped together by common interests.
It’s not just the XRP community. Check out GameStop. Or to DOGE (Dogecoin). ‘Durability’. This is the identity of communities and no longer [bunun] it has value. It’s a fairly new phenomenon.”
Speaking at the industry level, Novogratz points out that crypto wealth now represents 0.5% of global wealth.
“This means that if you haven’t invested at least 1/2 percent in crypto, you’re lagging behind the global benchmark. Most institutions are still at 0. As they come in, that number will drop to one, then two, and so on…. The cycle has begun.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.