Ripple plunges after soaring more than 220% in November due to SEC lawsuit Contract liquidation soar

Liquidation of XRP futures contracts spiked late in the year due to a bullish signal in November that caused funds to go heavily long, which was followed by a plunge in December when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in the U.S. District Court for the Southern District of New York, alleging that Ripple hit the coins price.　　In November, the price of XRP surged more than 220% to a two-year high of just under $0.80 as traders anticipated a scheduled token airdrop campaign by the Flare network for all XRP holders. In short, anyone holding XRP will automatically receive a portion of the new Spark tokens, spurring new buyers to accumulate XRP.　　Adding fuel to the frenzy, Coinbase, the leading U.S. cryptocurrency exchange, announced plans to support the upcoming airdrop, according to a previous CoinDesk report.　　“XRP experienced massive price gains in November due to retail investor interest in the Spark airdrop scheduled for December 12, 2020,” said Florent Moulin, a cryptocurrency researcher at data provider Messari. “The market is also seeing experienced investors accumulating XRP in anticipation of a retail-led bull market.”　　Monthly liquidation of XRP since March 2020　　Source Bybt, CoinDesk Research　　XRPs acute bull trend came to a