XRP Showing Glimpse Of Fightback Despite Bearish Movements
Over the last few days, XRP has had to fight its own battle in the crypto market with little or no involvement from forces outside the market. Major forces outside the markets could pull the coin down as it officially lost its third place in market capitalization to Tether.
Despite all things pointing at a very bleak future for XRP after the SEC lawsuit, the digital asset has been able to rally back and hold out for a long time now. Despite major crypto exchanges around the United States of America releasing announcements to announce delisting the digital asset, Ripple has been able to hold on to the $0.20 price mark.
Major US exchanges continue to delist XRP
With a date already set for the first pre-trial conference, about ten exchanges across the United States have announced their respective decision to delist XRP, with Binance US the lastest crypto exchange to do that. In their recent statement, Binance US has said that its traders and investors would not be allowed to trade XRP pairs on the platform starting from January 13.
Despite the digital asset reacting to the delisting decisions and making a 60% decline under two days, the digital asset has discovered a newfound momentum. In light of the recent allegations and lawsuit against the remittance company, Ripple has said that the SEC was planning an attack on the entire crypto market, and they will make sure they fight the lawsuit to their last. With the news that the company was prepared to fight the lawsuit, XRP saw a massive 20% jump in the market, surprising everyone who predicted a gloomy future.
Japan traders are still backing XRP
Despite the recent price decline, XRP has shown some bullishness to hold out at around $0.21. Taking a look at the coin’s performance in 2020, investors and traders would be happy that the coin is still seeing a 10% price increase from last year.
XRP’s major support is coming from Japan as the Asian country has still refused to acknowledge the digital asset as securities, much to the SEC’s amusement. The digital asset has used that support to its advantage and has been able to make a push up despite massive sells amongst retail investors across the market.
Presently, the digital assets support level is now around $0.20, a region that the coin has been trading in the past few days. The crypto market had yet another thing to show that 2020 was a good year for the sector as the industry’s market cap jumped to $760 billion, with the market cap expected to touch the $1 trillion mark before the end of next month.
Bitcoin has shown that this year is its year as the digital asset has contributed a whopping $560 billion to the entire market cap of the crypto market. Bitcoin is also boasting of trade around $29,000, with the digital asset now showcasing a $19,000 increase from the figure it started with at the beginning of the year.