- XRP is the best performer in the cryptocurrency top 50 today with a price jump of almost 50%
- XRP’s price spiked despite exchange delistings and trading halts
- XRP overtook Litecoin as the 4th largest crypto by market cap
XRP rises by almost 50% despite exchange delistings, Tetragon lawsuit against Ripple
XRP has had a great day in the market despite the continuing trend of exchanges delisting the coin or halting trading following the SEC’s lawsuit against Ripple.
One of the latest companies to announce that they will be halting XRP trading is Blockchain.com, which says it will suspend its XRP markets starting with January 14. Blockchain.com users will still be able to withdraw their XRP after the trading halt comes into effect, but deposits will not be available.
The situation related to the SEC’s lawsuit against Ripple became even more uncertain recently as Tetragon, an investment company that led Ripple’s $200 million Series C in 2019, is now suing Ripple and demanding Ripple to redeem the shares held by Tetragon. An investment agreement between the two companies says that Tetragon has the right to have its shares redeemed by Ripple in the scenario that XRP is »deemed to be a security on a go-forward basis«. Even though the SEC says XRP is a security, the case is yet to be addressed in court, so Ripple is saying that XRP hasn’t been determined as a security, arguing that Tetragon’s lawsuit has no merit.
However, it seems that the cryptocurrency market is just too bullish at the moment for developments like these to suppress prices for too long, as XRP gained almost 50% in the last 24 hours.
After consolidating in the $0.20 – $0.25 range following a massive price drop in December, XRP cracked $0.30 today in a sudden move. So far, the coin hasn’t been able to surpass the $0.38 level that served as resistance on December 25.
With today’s move, XRP has overtaken Litecoin again as the 4th largest crypto asset by market capitalization. Currently, XRP has a market cap valuation of $15.75 billion.
XRP saw substantial trading volumes even on platforms that will be halting XRP trading in the coming days. For example, Coinbase Pro had $372 million worth of trading volume for XRP, while Bitstamp had $209 million.
If you’d like a more in-depth analysis of XRP’s price action today, check out our latest XRP technical analysis article.
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