Ripple’s XRP, currently the world’s fourth-largest cryptocurrency, as measured by CoinMarketCap, has suddenly jumped on a rise driven by WallStreetBets traders.
XRP, a digital token created by San Francisco-based company Ripple, has added more than 50% to its price in the past 24 hours, following dogecoin, a “joke” jewelry rival named by Elon Musk as a cryptocurrency. ” fav, ”crashed and lost more than half of its recent gains.
Ripple’s XRP is the second cryptocurrency to bomb sharply this week, after the huge rally fueled by dogecoin memes briefly sent its price nearly 1,000% higher (although it has been speculated that Bitcoin could emulate the recent GameStop compression).
Ripple’s XRP, one of the top five cryptocurrencies, has suddenly exploded, adding more than 50% to its value. … [+]
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Dogecoin and XRP have risen this week as retailers organized through Reddit’s WallStreetBets forum and groups at Telegram and Discord have collaborated to “pump and dump” digital tokens.
Members of a Telegram group of more than 100,000 people have called XRP a cryptocurrency to buy.
“Focus on XRP,” one Telegram group member wrote. “Please buy and hold on.”
Traders turned to cryptocurrencies this week after a long battle between bullish retailers organized through Reddit’s WallStreetBets and Wall Street hedge funds that had long since not reached GameStop shares. .
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The price of bitcoin, after falling below $ 30,000 per bitcoin this week, suddenly jumped 20% more after Musk changed his Twitter biography to “#bitcoin” and published: “In retrospect, it was inevitable.”
The price of Ripple XRP has risen by about 50% in the last 24 hours as organized traders pile up … [+]
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However, despite the concentration of more than 50% of XRP, traders do not believe it will reach the type of short-term gains seen by dogecoin, although it may have to work even before its maximum.
“Buying XRP at these prices, even if its future is in balance, is a pure bet,” said the veteran trader and author of The Crypto Trader, Said Glen Goodman via Twitter DM. “The WallStreetBets crowd could easily increase it, but the moment they lose interest and move on to a different goal, the price is sure to collapse again.”
“I don’t expect the XRP bomb to be as big as the dogecoin one this week, although it will end in an explosion,” the cryptocurrency trader and economist said. Alex Kruger, speaking via Telegram. “XRP is harder to move, as it has a much larger market capitalization than dogecoin, but I guess they could take it up to $ 0.75 to $ 1.00.”
Krüger also warned that, unlike GameStop, “there are no short-selling doge hedge funds, so it is not the liquidated hedge funds that provide the exit liquidity, but those that arrive late with the bag.” . adding: “How many ‘investors’ of the Doge shares will realize they fell into one of the biggest bombs and dumps in history?”