XRP Climbs Back up Crypto Rankings With Near 50% Rise

XRP Climbs Back up Crypto Rankings With Near 50% Rise
XRP price for the last 24 hours
(CoinDesk 20)

XRP is shrugging off its recent price woes with a double-digit rise Thursday.

The cryptocurrency was trading near $0.35 soon before press time, representing a nearly 50% gain on a 24-hour basis.

As a result, ‘s market capitalization has increased to $33.88 billion, moving it above as the fourth-largest cryptocurrency, according to data. Other cryptocurrencies such as , , and litecoin are also trading higher. Bitcoin above $38,000 early today.

However, despite XRP’s bounce, prices are still down 57% from highs above $0.55 observed before the U.S. Securities and Exchange Commission against Ripple Labs, the San Francisco-based developer of the Ripple payment protocol and exchange network, for raising $1.3 billion over seven years from retail investors through its sales of XRP.

Announced on Dec. 22, the lawsuit brought an avalanche of and panic selling, causing prices to drop to $0.20 by the end of December.

It remains to be seen if the latest recovery has legs or turns out to be a “dead-cat bounce” – a temporary recovery of asset prices from a notable decline or a bear market followed by a continuation of the downtrend.

According to analysts, the U.S. Office of the Comptroller of the Currency’s (OCC) to allow U.S. banks to use public blockchains and dollar-backed stablecoins as a settlement infrastructure in the financial system is favorable for XRP and payments-focused Stellar blockchain’s token.

XRP, however, may have a hard time cheering the good news until it has dealt with the SEC case, Denis Vinokourov, head of research at the London-based prime brokerage Bequant on Wednesday.

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