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XRP Price Shots Up by 70% Breaking $0.5, Pump-Dump Or Rise in Demand?

XRP Price Shots Up by 70% Breaking $0.5, Pump-Dump Or Rise in Demand?

 Prashant Jha  Sunil Sharma Altcoin News Publish On January 30, 2021 | Modified On January 30, 2021
Ripple-Azimo
Image Courtesy of Piqsel

XRP Price has pumped over 70% in the last hour, taking its price from $0.28 to near $0.5 mark for the first time since the SEC filed a lawsuit against Ripple. The price rise is suspected to be a pump driven by a Telegram group, helping the altcoin to finally overcome the $0.30 price barrier.

 

Is this Rise in XRP price a Pump-Dump?

Many in the crypto-verse raised suspicion about possible news with no other reason in sight for the pump.  TRON (TRX) rose quite similar to XRP yesterday owing to the similar pump owing to another Telegram group.

The frenzy about pumping small stocks began with GameStop when a Reddit group shot squeezed the GME stock to rise above $450.

Justin Sun, the founder of the Tron group took to Twitter to announce that he would buy 1 million GME stock followed by a pump in TRX price. Later it was revealed that thr pump was artificially created by a Telegram group probably trying to emulate the wallstreetbets, the Reddit group behind GME stock pump.

TRX rose over 42% during the pump before losing nearly all its gains within an hour of the rise. Many warned people to not rush into buying XRP looking at the price while XRP fans called it a natural pump owing to Ripple’s official rebuttal to the SEC lawsuit in a court filing.

 

The short squeeze trend is now being used by Telegram groups to pump the price followed by a dump. This, many have warned against investing in such crypto assets that are being pumped artificially.

Though many known traders are defending the XRP price rise, the crypto community seems to be divided into two groups. Many known crypto traders are defending the XRP price as much awaited jump rather than a planned pump.

 

What do you think, is this a planned pump?

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Source Click Here coingape

 


Another source Below


XRP Price Soars 80% Following Ripple’s Response to SEC Charges

The price for XRP has skyrocketed by as much as 80% today. This comes as Ripple filed its response to the SEC charges.

There are no boring days on the cryptocurrency market, and that’s particularly true for this week. After the GameStop saga, Dogecoin’s pump, and Elon Musk putting Bitcoin in his bio, it appears that it’s now XRP’s time to shine.

  • The price for Ripple’s native cryptocurrency, XRP, has increased by as much as 80% in a few short hours. Less than 12 hours ago, the coin was trading at around $0.28 but has since surged to an intraday high of $0.51 for an increase of about 80%.
  • The price has since corrected to where it’s currently trading at.
xrpusd_chart
XRP/USD. Source: TradingView
  • This comes on the day when Ripple sent its response to the United States Securities and Exchange Commission.
  • As CryptoPotato reported earlier in December, the watchdog has filed a lawsuit against Ripple for conducting an unregistered sale of securities, implying that XRP is not a currency or a commodity, but rather security.
  • The price has since plummeted, but today it seems to be attempting a recovery.
  • As part of its defense, the company says that:

“In 2015 and again in 2020, the US Department of Justice (DOJ) and US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) determined that XRP is lawfully used and traded in the marketplace as a virtual currency. Those determinations are consistent with the economic reality that XRP functions as a store of value, a medium of exchange, and a unit of account – not a share in Ripple’s profit.”

    • In any case, the current surge has also led to the liquidation of more than $84 million worth of short and long positions on XRP across the major exchanges in the past hour alone.
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About The Author

George Georgiev 

Georgi Georgiev is CryptoPotato’s editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi’s passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn’t looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

 

Source Click Here cryptopotato

 


Another Source Below


XRP price gains 86% after Wall Street Bets’ crypto wing says ‘pump it’

XRP price rallied 86% as members of a Reddit-based investing group shifted their focus from Dogecoin.

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XRP price gains 86% after Wall Street Bets’ crypto wing says 'pump it'

XRP price underwent a strong 86% breakout in the early trading hours on Jan. 30 as the fourth-ranked cryptocurrency by market cap became the new coin of focus in the r/Wallstreetbets cryptocurrency-focused off-shoot r/Satoshistreetbets.

Data from Cointelegraph Markets and TradingView shows that XRP rose from $0.28 to a peak at $0.51 before profit selling pulled the price back to $0.41.

XRP/USDT 15 minute chart. Source: TradingView

It appears that the antics of the past week which saw r/Wallstreetbets pump GameStop, AMC and Dogecoin (DOGE), have carried over into the weekend as Stellar (XLM) also saw its price pump in tandem with XRP.

After rallying more than 800%, DOGE price is now down 71% from its recent all-time high of $0.078 on Jan. 29. Data from TheTIE also shows that the rally in XRP price coincided with a drastic jump in tweet volume.

XRP price vs. Tweet volume. Source: TheTIE

Stellar (XLM) has also received some attention from r/Satoshistreetbets, resulting in a price spike of 64% on Jan. 27 which saw the price of XLM reach as high as $0.38 before correcting to its current value of $0.318.

XRP’s legal woes may place a damper on the rally

In the past few months, XRP price has been hard hit due to a lawsuit filed against Ripple by the U.S. Securities Exchange Commission (SEC). The SEC alleges that the company is conducting an ongoing illegal securities offering as Ripple still periodically sells XRP tokens out of the treasury.

Ripple recently filed a Freedom of Information Act request with the SEC seeking documents pertaining to Ethereum co-founders.

The company is demanding to know why Ether (ETH) isn’t considered a security and said that the government body “clearly picked two winners and ignored a growing and robust industry that is much larger than Bitcoin and Ether.”

Source Click Here cointelegraph

 

2021-01-31T01:43:28+02:00January 31st, 2021|Categories: News|0 Comments

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