Ripple XRP, currently the fourth largest cryptocurrency in the world, as measured by CoinMarketCap, rose sharply above in a growth fueled by WallStreetBets traders.
XRP, a digital token created by San Francisco-based Ripple, has added more than 50% to its price in the past 24 hours, climbing after dogecoin, a bitcoin rival “joke”, called by Elon Musk as “fav” cryptocurrency it collapsed – losing more than half of its recent gains.
Ripple’s XRP is the second cryptocurrency to suddenly pump up this week, after the dogecoin’s huge meme-fueled rally briefly sent its price nearly 1,000% higher (although there has been speculation that bitcoin could emulate the latter GameStop short press).
Ripple XRP, a top five cryptocurrency, suddenly erupted – adding over 50% to its value … [+]
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Dogecoin and XRP rose this week, while retailers organized through the RedDit forum WallStreetBets and groups on Telegram and Discord collaborated to “pump and throw” digital chips.
Members of a Telegram group that has more than 100,000 people in it have called XRP a cryptocurrency to buy.
“Focus on XRP,” wrote a member of the Telegram group. “Please buy and hold.”
Traders turned to cryptocurrencies this week after a long battle between bullish retailers, organized by RedSit’s WallStreetBets, and Wall Street hedge funds, which have long shortened GameStop shares, culminating – regulators and brokerages trying to calm frantic markets with difficult restrictions.
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The price of bitcoin, after falling below $ 30,000 on bitcoin this week, rose sharply by 20% after Musk changed his Twitter biography to “#bitcoin” and posted: “In retrospect, it was inevitable.”
Ripple’s XRP price has risen by about 50% in the last 24 hours as organized retailers pile up … [+]
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However, despite the XRP rally of over 50%, traders do not believe it will achieve the type of short-term gains observed by dogecoin – although it may be necessary to run ahead of the peak.
“Buying XRP at these prices, while its future is in balance, is pure gambling,” a veteran trader and author of The Crypto Merchant, Said Glen Goodman via DM DM. “The WallStreetBets crowd could easily push it much higher, but the moment they lose interest and move on to another target, the price will definitely drop again.”
“I don’t expect the XRP pump to be as big as the dogecoin this week, although it will end in an explosion,” said the cryptocurrency trader and economist. Alex Kruger, speaking through the Telegram. “XRP is harder to move because it has a much larger market capitalization than dogecoin, but I guess it could take it up to $ 0.75 – $ 1.00.”
Krüger also warned that, unlike GameStop, there are no “doge hedge funds that sell in short supply, so it is not the liquidated hedge funds that provide exit liquidity, but the delayed people who remain holding the bag”. adding: “How many Doge investors will realize that they fell for one of the biggest pumps and dumps in history?”