Mike Novogratz said SEC hasn’t managed to suppress XRP price action, but XRP Army disagree

By Selena On Oct 18, 2021

Galaxy Digital CEO Mike Novogratz shared on Twitter about the recent XRP price performance. According to him, the current price stagnation is not the fault of the U.S. Securities and Exchange Commission (SEC). But it seems that this idea is not very popular with the community.

Source: Mike Novogratz/Twitter

Mike Novogratz claims Ripple’s SEC lawsuit hasn’t affected XRP price

He pointed to the fact that XRP price has tripled since the SEC sued Ripple. And it seems that in part thanks to the lawsuit, XRP has flourished as Ripple prevails from the controversies.

In a follow-up tweet, he mentioned GameStop, the company whose stock was driven high by an army of retail traders from Reddit in early 2021, as well as the meme coin DOGE intended to prove his point.

Although XRP initially dropped more than 60% after the SEC lawsuit due to a series of trading halt notices from exchanges, it managed to recover quickly as Ripple accepted the fight. But the XRP community has not been left out and has recently won a small victory. As AZCoin News reported, Federal Judge Analisa Torres has denied XRP holders’ motion to intervene in the case. But, the movants can now proceed as amici curiae – friends of the court – meaning that they will be able to file briefs.

“Accordingly, Movants, in their capacities, shall be permitted to act as amici curiae in this action. As such, Movants shall be allowed to assist the Court by briefing legal issues relevant to the case as approved in advance by the Court”, the judge stated.

Despite recovering from its initial drop and moving higher, XRP is still down more than 67% from its all-time high on Jan. 7. Some community members believe the price action has been suppressed. Attorney John Deaton of Deaton Law Firm, who spearheaded the effort to insert the XRP community into Ripple’s legal battle with the SEC, claimed that individuals and businesses got hurt by the lawsuit.

As a result, Novogratz’s comments are seen as anti-XRP and XRP Army. In April, Novogratz tweeted that the XRP rally didn’t mean much to him after the controversial token saw a quadruple price increase in just one month. Last year, Ripple CEO Brad Garlinghouse aimed for Novogratz’s seemingly poor price prediction record.

XRP/USD 4-hour chart | Source: TradingView

So it seems that this time the XRP community continues to be unhappy with the Galaxy Digital CEO. At the time of writing, the token is changing hands at $1.08.

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