XRP, the fourth largest cryptocurrency was on a freefall for the past couple of days post the SEC lawsuit against its parent company Ripple. The price of the token took a massive toll registering over 50% dump within two days. XRP was consolidating above $0.50 prior to the lawsuit filing and fell to $0.25 post the announcement.
Many trade pundits called it a dead-end for XRP and believed that the token would practically become untradable owing to the security accusations made by the Security and Exchange Commission (SEC). Almost $346 million worth of XRP was moved yesterday by whales many predicting a pump to keep the market afloat, which is also one of the key accusations made against Ripple in the lawsuit.
The prediction about an incoming market pump did come true as XRP managed to rise by over 37% in the last 24 hours registering a daily high of $0.36. The crypto-token also lost its long-held third spot to Tether owing to the massive dump.
Another factor that might have played a part in the recent pump could be the relief offered by the SEC to crypto brokers and exchanges for listing and offering security tokens, offering them a form of immunity against regulatory clampdowns for the coming 5 years. Many crypto exchanges started delisting XRP tokens in the wake of the SEC lawsuit. Hong-Kong-based OSL, a Fidelity-backed crypto platform was the first to terminate XRP trading services followed by Beaxy exchange, while Bitwise announced they have liquidated their XRP funds.
Crypto Market Celebrates Christmas Rally
The cryptocurrency market regained most of its losses over the past couple of days to register a Christmas rally today. Bitcoin managed to climb above $23,500 again currently trading at $23,778 with a 2% price rise over the past 24 hours. Bitcoin consolidation above $23,000 has lasted longer than the entire bull rally back in 2017.
Etherum also claimed above $600 to register over 6% gains in the past 24 hours and currently trading at $617.53. Cardano made the second-highest gains after XRP, rising by over 12% seeing its price move above $0.15.