Advertisement
AD

Main navigation

XRP Soars 50 Percent. What's Behind This Recovery?

Advertisement
Fri, 25/12/2020 - 6:18
A
A
A
XRP Soars 50 Percent. What's Behind This Recovery?
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Advertisement

XRP, the fourth-biggest cryptocurrency, has finally had a major relief rally following its seismic collapse.

On Dec. 24, it soared 49 percent in just a couple of hours, peaking at $0.378 at 23:40 UTC on the Bitstamp exchange.

Article image
Image by tradingview.com

XRP’s epic plunge

For the past few days, XRP has been under plenty of pressure after the U.S. Securities and Exchange Commission (SEC) filed a landmark lawsuit against Ripple on Nov. 22.     

The agency alleges that the blockchain company continues to violate federal securities laws with its ongoing XRP sales.

Advertisement

The SEC recognizing the token as a security could potentially make it untradable, which why some exchanges and trading desks have already pulled the plug.     

XRP collapsed over 58 percent in just two days, also exerting pressure on other altcoins, with liquidations surpassing $1.5 billion since the start of November.

Related

Clayton gets replaced by a pro-crypto chairman   

The 50 percent rally came after cryptocurrency-friendly Republican Elad Roisman was appointed as acting chairman of the SEC.

The fact that he holds favorable views of the cryptocurrency industry was met with jubilation within the community following the departure of Jay Clayton.

However, despite the outpouring of hate towards Clayton, lawyer Jake Chervinsky notes that he wasn’t even mentioned in the complaint. Hence, he believes that the leadership changes are “extremely unlikely” to turn things around for Ripple:  

It's extremely unlikely that changes in SEC leadership will have any impact on the Ripple case. Given Comm'r Peirce's conspicuous silence, I'd guess the vote was unanimous in favor of filing.   

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailboxSubscribe
TopCryptoNewsinYourMailboxSubscribe
Advertisement
Advertisement
Subscribe to daily newsletter

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD