Litecoin (LTC) and XRP were both short at market value over the weekend, highlighting the impact of a recent lawsuit against Ripple filed by the US Securities and Exchange Commission.
The so-called “flop” occurred early Sunday when Litecoin’s market value reached $ 9.95 billion after prices rose more than 12%. Meanwhile, XRP fell above 25% over the 24-hour trading period.
At press release time, XRP has returned to fourth place with a market cap of $ 10.5 billion. Meanwhile, Litecoin was valued at just over $ 9.9 billion. Over the past seven days, the Litecoin price has risen by about 14%, while XRP has dropped by about 20%.
Litecoin’s price has doubled since mid-December, highlighting Bitcoin’s appeal in the broader market. XRP also cried before the SEC announced that it would file a lawsuit against Ripple for alleged violations of securities laws. According to CoinMarketCap data, from top to bottom the XRP price fell by more than 73%.
XRP’s path to recovery is likely to be uneven as investors await the outcome of lawsuits – a process that could take several years to complete. Without a settlement with the Securities and Exchange Commission, the value of XRP can hardly pick up steam. A wave of delisting on major exchanges is also threatening XRP’s recovery potential.
Litecoin’s dominance, meanwhile, is likely more to do with bitcoin than any change in the fundamentals of the enterprise. Cointelegraph highlighted a clear increase in altcoin volume in December when the price of bitcoin dropped above $ 20,000.
The total market value of all cryptocurrencies over the weekend surged to an all-time high of around $ 907 billion.