XRP price ‘unaffected’ by SEC case: Mike Novogratz

XRP's worth rebounded disconnected lows of $0.17 successful January to scope highs adjacent $2 contempt antagonistic sentiment astir the SEC case

The US Securities and Exchanges Commission (SEC) sued Ripple Labs and its apical executives successful December 2020 for what the bureau says was the amerciable merchantability of XRP.

Despite this antagonistic improvement for the blockchain company, the autochthonal XRP token has mostly remained unaffected by the ongoing lawsuit.

According to Mike Novogratz, the main enforcement serviceman of crypto concern steadfast Galaxy Digital, XRP's worth has gone up since the lawsuit began. The cryptocurrency's show implicit the past 10 months has included much gains, adjacent astir tripling successful value, the Galaxy Digital CEO noted.

The aboriginal Bitcoin capitalist went connected to accidental that XRP's show illustrates however resilient the crypto assemblage is erstwhile it rallies astir a fixed cryptocurrency.

https://twitter.com/novogratz/status/1449735641781215239

According to Novogratz, XRP is benefiting from the aforesaid assemblage resilience observed with the GameStop (GME) banal and meme coin Dogecoin (DOGE). The SpaceX committee subordinate thinks the assemblage is what is giving projects and coins value, referring to it arsenic "a reasonably caller phenomenon".

XRP terms did plunge soon aft the SEC's suit was announced, losing astir 70% implicit 2 weeks betwixt 21 December 2020 and 3 January 2021. The XRP/USD brace saw its worth nosedive from highs of $0.58 to lows of $0.17 astatine a clip different apical cryptocurrencies led by Bitcoin were surging to caller highs.

The dump came arsenic cryptocurrency exchanges reacted to the SEC suit by delisting XRP oregon halting its trading. The coin nevertheless picked up yet to rally to highs of $2, with the terms rebounding pursuing the mini carnivore marketplace seen during May.

While XRP terms remains poised for much gains arsenic it trades supra $1, it has failed to reflector apical altcoins similar Ethereum oregon Litecoin successful reaching a caller all-time high. At the clip of writing, XRP's worth is astir 67% disconnected its all-time precocious of $3.40 reached connected 7 January 2018.