Novogratz Rant About XRP Supporters, Compared with Trump Army
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Novogratz Rant About XRP Supporters, Compared with Trump Army

May 3, 2021      Deepshikha Gupta

The CEO of Galaxy Digital, Mike Novogratz proclaimed that XRP Army continues to run away from reality. The statement came regarding the adamant behavior of XRP fans who despite the ongoing SEC lawsuit are casting criticism on former SEC chairman and other associated officials of the filing. 

The XRP Fans Resembles Trump Supporters

The cryptocurrency is now behaving bullish in spite of ongoing lawsuits, that collapsed the price of the currency from the last couple of months. Despite the non-familiar situation of Ripple token, it is impossible to ignore the devoted loyalty of the XRP fans. 

The fans remained focused on compelling the exchanges to re-list cryptocurrency while arguing that it is not secure at the same time.  

Novogratz said,     

“Over the years, the XRP army has built up a real community of people that really want to believe it. It reminds me a little bit of Trump supporters, they’ll believe you stole the election. You could tell them anything. It’s like 9/11 conspiracy theories. There’s a little bit of that in crypto. They just don’t look at the truth sometimes.”

Novogratz Aversion Towards XRP Tokens

Billionaire investor Mike Novogratz asserted reasons for not being a fan of XRP as most of the tokens are owned by Ripple only. “Let alone you’ve got the SEC breathing down the necks of the CEO, the founder, and the company,” he added.

In mid of the past month, Novogratz said that the latest XRP rally does not make any sense to him. It is worth noting that the value of the token surged from 40 cents to $1.60 in a month.

Meanwhile, several Twitter critics criticized the fund manager who has put in over $23 million into Ripple, telling him to sell his Ripple stake.

Novogratz claims that “Ripple should be valued at $60 billion based on the amount of XRP tokens it owns. Yet Ripple’s equity is worth just $3 billion.” “So, something’s way off,” he concluded.

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Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.