Just yesterday, CEO of Galaxy Digitial Mike Novogratz put out a very interesting tweet stating that the current XRP rally/price would indicate that the lawsuit between Ripple and the SEC could be coming to an end. According to Novogratz the XRP price is saying that a settlement is coming.
Ripple equity is ‘trading’ in secondary market at $2-3bn valuation. The $XRP on their balance sheet is worth approx $70bn. One price seems wrong. If $XRP price is saying settlement coming, the equity is crazy cheap. If not, the token seems expensive. Thoughts?
— Mike Novogratz (@novogratz) April 10, 2021
The XRP price jumped, more than 110% over the last week so far, follows Ripple’s important wins by its legal team after a federal judge ruled that Ripple’s CEO Brad Garlinghouse and former CEO Chris Larsen do not have to provide their personal financial records to the Securities and Exchange Commission (SEC). The volume of XRP traded over the last 24 hours was more than $17.6 Billion, just under 13% of the total volume of all cryptocurrencies.
In my personal opinion, Novogratz is trying to justify why XRP is on a tremendous rally and he is starting to get worried about the possible outcome of XRP replacing Bitcoin as the #1 currency on Coinmarketcap. We have already seen CZ Binance protect his BNB coin by removing the XRP/KRW pair to help lower the overall marketcap of XRP.