Ten months after the start of the lawsuit between Ripple and the SEC, the price of XRP has increased fivefold after a 70% decline. Mike Novogratz, CEO of Galaxy Digital, pointed to the “invulnerability of cryptocommunity”.
You may be interested in: Where to buy BTC and cryptocurrencies
The price of XRP has risen despite litigation with the SEC
It was in December 2020 that the SEC filed a lawsuit against Ripple over sales of XRP. In the last 10 months, after several mysteries and revelations, the lawsuit has not yet been resolved.
After dropping the XRP price to $ 0.22, recorded immediately after the news of the lawsuit, the token during the bull run last April 2021 reached $ 1.85 and now its price is $ 1.14. This is a 5-fold increase in the price of XRP, given the time frame from December 2020 to the present.
Looking at these results, renowned investor Mike Novogratz, CEO of Digital Galaxy, shared his thoughts on the social network of cryptocurrency lovers, Twitter.
“The value of XRP has actually tripled since SEC actions. He did not fall. It’s proof that once communities of common interest are formed, they’re damn resilient. “
Novogratz, with the word “tripled”, refers to the price of XRP at the specific time Ripple was accused, before falling. And he added:
“It’s not just the XRP community. Check out GameStop. Or the Doge. Resilient. It is a community identity and it now has value. This is a fairly new phenomenon. “
Ripple v. SEC: Where are we?
The latest update on the long-running Ripple v. Litigation The SEC dates back to last month, when Garlinghouse said there was no way to settle. According to him, the problem is not least related to regulatory clarity, which still does not exist at the moment.
The SEC accuses Ripple of XRP being a security and not a common cryptocurrency product such as BTC and ETH, so the company would have to have specific licenses to sell XRP. In this regard, Garlinghouse strongly disagrees with the SEC’s statement and also accused the agency of not acting in the interests of investors, but identifying winners and losers in the cryptocurrency sector.
XRP was the third (even second) cryptocurrency by market capitalization for several years, declining mainly due to the DeFi and NFT explosion. He is now in sixth place. With a total market capitalization of $ 54.4 billion and a dominance of just over 2%, the cryptocurrency for cross-border payments still holds its appeal, surpassing Dogecoin, Uniswap and Litecoin.