According to Mike Novogratz, CEO of Galaxy Digital, a “new phenomenon” is helping XRP prices thrive despite the SEC lawsuit against Ripple.
On December 22, 2020, the SEC officially filed a lawsuit against Ripple Labs alleging that XRP is an unregistered security. Since then, at press time, XRP has risen over 172% from $ 0.4 to $ 1.09.
Head of the digital asset management company to say The movement in the price of the asset is evidence of the value of the XRP community.
“In fact, the value of XRP has almost tripled since the SEC sued Ripple. It didn’t go downhill. It is proof that once communities are established with shared care, they are resilient. “
“It’s not just the XRP community. Check out GameStop or Dogecoin. Resilience. It was community identity and now it matters. This is a fairly new phenomenon. “
At the industry level, Novogratz points out that crypto assets currently represent 0.5% of global wealth.
“That means, if you haven’t invested at least 0.5% in crypto, you are missing a global benchmark. Most organizations stay at 0. When they arrive the rate will go up to 1 and then to 2%…. The cycle has started. “
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According to Dailyhodl