Market Musings

XRP Plunges over Lawsuit Fears, as Crypto Markets Prepare for Challenging Christmas

Published on:
December 22, 2020

At one point, XRP was down 15% as investors digested the news of legal action by the SEC.

XRP Plunges over Lawsuit Fears, as Crypto Markets Prepare for Challenging Christmas

Table of Contents

News of a potential lawsuit against Ripple saw XRP spooked the markets. At one point, prices fell by 15% from $0.53 to $0.45.

Prices have since recovered to an extent, but remained below the $0.50 mark at the time of writing.

Elsewhere on the crypto markets, Bitcoin is continuing its battle to return to the highs of $24,000 that were seen over the weekend.

BTC’s price had fallen as low as $22,430 on Tuesday morning. Since then, they have managed to bounce back above $23,000. However, it’s possible that the world’s biggest cryptocurrency may encounter resistance if it attempts to break the current record of $24,209.66.

Meanwhile, ETH briefly suffered a drop below $600 — sliding to a 24-hour low of $589.55. They’ve rapidly recovered by about 5% to return to the $620 level, but this is some way off the highs of $673.83 that have been seen in the past week.

The next few days are shaping up to be pretty challenging for the crypto markets, with trading volumes likely to take a hit during the Christmas and New Year period. It remains to be seen whether this will affect the bullish momentum that has gripped digital assets in December.

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