The fourth largest cryptocurrency, XRP, has finally experienced great relief after its hard collapse. On December 24, on the Bitstamp stock exchange, it rose 49 percent in just a few hours to $ 0.378 at 23:40 UTC.
The Epic Fall of XRP
Over the past few days, XRP has come under tremendous pressure after the US Securities and Exchange Commission (SEC) filed a landmark lawsuit against Ripple on November 22. The SEC claims that the blockchain company continues to violate federal securities laws with ongoing XRP sales. The SEC’s acceptance of the token as a security could potentially make it non-tradable, so some exchanges and trading desks have already withdrawn. XRP has dropped over 58 percent in just two days, putting pressure on other altcoins with liquidations of over $ 1.5 billion since the beginning of November.
The current 50 percent rally came after crypto-fellow Republican Elad Roisman was appointed as the deputy chairman of the SEC. Positive views of the cryptocurrency industry following the departure of former president Jay Clayton were welcomed in the community. Appointment of Roisman as a permanent member after Joe Biden took office in January is also on the agenda.