XRP jumps in 2021 with a big bang

XRP is rebounding strongly, despite its legal tussle with the world’s powerful U.S Securities Exchange Commission, amid the prevailing bullish trend in play at the crypto market.

What you should know: At the time of writing this report, XRP traded at $$0.242486. XRP is up 13.35% on the day. It was the biggest one-day percentage gain since Christmas eve.

READ: Ripple takes back 800 million XRP

• Such impressive gains, observed at the first trading session of 2021 pushed XRP’s market value up to $11 Billion or 1.4% of the total crypto market value.
  XRP traded at a range of $0.21643 to $0.244 for the day.
• Over the past week, XRP has seen a drop in value, as it lost 30.33%. The volume of XRP traded in the twenty-four hours to time of writing was $5.24017B or 3.15% of the total volume of all cryptocurrencies.
• It has traded at a range of $0.1743 to $0.3256 in the past 7 days.

For a timeline context read: Fear of U.S Financial regulators cripple XRP, tumbles by 61%

XRP has been losing value at record levels on reports that the world’s most valuable crypto exchange, Coinbase, recently announced that it wouldn’t allow Ripple trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.

The American crypto exchange further explained that “XRP trading may be stopped earlier as needed to maintain the exchange’s market health metrics.”

READ: XRP drops 14% over lawsuit from U.S Securities and Exchange Commission

Meanwhile, Ripple in its most recent press release, disclosed that it was ready to fight the allegations issued by the United States Securities and Exchange Commission against the company.

“The SEC’s decision to file this action is not just about Ripple, it is an attack on the entire crypto industry here in the United States. We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple.

READ: Why Ethereum could make you rich

“It has also needlessly muddied the waters for exchanges, market makers, and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result,” Ripple said in the statement.