XRP gains 31% on Christmas day

XRP has rebounded strongly on Christmas day. At the time this report was drafted, it was trading at $0.37389, printing gains of about 30.35% on the day.

This pushed XRP’s market value to $16.6 billion or 2.57% of the total cryptocurrency market value. At its highest, XRP’s market cap was $31.6 Billion. XRP has been trading at a daily range of $0.24245 to $0.37492.

For context read: XRP drops 14% over lawsuit from U.S Securities and Exchange Commission

Crypto commentators are attributing XRP’s recent gains to the news that Elad Roisman will take over as Chairman of the U.S. Securities and Exchange Commission.

Congratulations, Chairman Roisman! I look forward to your leadership of the SEC.

— Hester Peirce (@HesterPeirce) December 24, 2020

However, over the past week, XRP’s valuation dropped by 37.93%. The volume of XRP traded  daily was $16.6 billion or 8.96% of the total volume of all cryptos.

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What you should know: Before this surge, Crypto bears had been clawing hard on XRP, amid a legal suit filed against it by a powerful financial regulator in the world’s largest economy.

Ripple and its top executives were accused by the 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 of the crypto assets without approval from the U.S. Securities and Exchange Commission.

READ: Ethereum flying high, up 10%

• The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in unregistered security offerings to investors in the U.S. and worldwide.
• Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services.
• At the time of writing this report, three small exchanges, namely OSL, Beaxy, and CrossTower, have either suspended trading or removed XRP.