Fear of US financial regulators cripples XRP, falls 61%

XRP recovered strongly on Christmas. At the time of writing, it was trading at a price of $ 0.37389, which yielded a profit of about 30.35% per day.

That pushed XRP’s market value to $ 16.6 billion, or 2.57% of the total market value of cryptocurrencies. The highest, market capitalization of XRP was $ 31.6 billion. XRP trades in the daily range of $ 0.24245 to $ 0.37492.

For context read: XRP is down 14% due to a lawsuit by the U.S. Securities and Exchange Commission

Crypto commentators attribute the recent gain to XRP news that Elad Roisman will take over as chairman of the U.S. Securities and Exchange Commission.

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However, over the past week, the XRP estimate has fallen by 37.93%. The volume of XRP traded on a daily basis was $ 16.6 billion or 8.96% of the total volume of all crypto-technologies.

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What you should know: Prior to this onslaught, crypto bears were fiercely crushing XRP, amid a legal lawsuit filed against it by a powerful financial regulator in the world’s largest economy.

Ripple and its top executives have been accused by U.S. securities regulators of deceiving crypto investors about the status of XRP, the world’s third-largest cryptocurrency by market value, in selling over $ 1 billion in crypto assets without approval from the U.S. Securities and Exchange Commission.

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  • The complaint alleges that Ripple raised funds, starting in 2013, by selling digital assets known as XRP in unregistered security offers to investors in the U.S. and around the world.
  • Ripple also reportedly distributed billions of XRP in exchange for non-cash compensation, such as labor and market creation services.
  • At the time of writing, three small exchanges, namely OSL, Beaxy and CrossTower, have suspended trading or removed XRP.

READ: Ripple suffers the highest percentage of losses since September 3