Cointelegraph Markets analyst Michaël van de Poppe said “Bitcoin dominance has been topping out in December in the past years. Every year it did. The likelihood of this to repeat itself is significant, especially combining this with the current sentiment on altcoins. Bullish for Q1 2021.”
Ripple (XRP) price recovers
The price of XRP recovered over the past 24 hours. XRP traded as much as $0.38 each. It is currently trading around $$0.30 each, an increase of 20% from its 24 hour low of $0.25 each. The gain was due to the short squeeze that caused a big volatility in the market. The short squeeze followed the complaint filed against Ripple by the United States Securities and Exchange Commission (SEC).
However, a short squeeze doesn’t mean that it’s something good for the cryptocurrency but rather it can be very bad news for both investors and owners of the cryptocurrency.
Ripple CEO Bradley Garlinghouse commented that the timing of the SEC’s complaint is not innocent and said, “This is an attack on the entire crypto industry and American innovation. By giving the stamp of approval only to Bitcoin and Ether (whose networks are at the mercy of the Chinese Communist Party), the SEC has picked the winners – disregarding an entire industry outside of these two tokens. Ignoring advice from national security experts and the U.S. government, Jay Clayton is handing over the future of our global financial systems – underpinned by blockchain and crypto technologies – to an authoritarian regime.”