Hours after Ripple Labs released SEC response letter on Friday, the price of XRP started to rise, countering the market trend. Even though the response has been received overwhelmingly positive by the community, as Ripple goes on the offensive against the SEC and makes the lawsuit a “winner takes all” process by demanding that XRP be determined as a non-security, crypto Twitter is skeptical.
Despite the time coincidence with current events, the massive rally appears to be more of a “pump and dump” following the lead of GameStop action or even Dogecoin’s 1000% Price Rally. The similarity of the XRP chart to that of WallStreetBets (WSB) did not go unnoticed by Ripple CTO David Schwartz, who tweeted “Coincidence?”.
Luke Martin of Venture Coinist, like many other experts, confirms Schwartz. Martin writes to his 238,000 Twitter followers that the DOGE crowd now appears to be targeting XRP.
The pump starts when voices are raised on the r / WallStreetBets subreddit about an XRP pump. In addition, many new accounts have been created on social networks, very close to the “WSB Chairman”, founder of the group. So there is now a chair of the XRP & DOGE department of the WSB and a chair of the XRP department of the WSB, who may have also powered the pump.
Just the beginning? Telegram Group Hosts XRP Pump For Monday
However, the XRP rally may just be the start of a bigger pump. GameStop stock and Dogecoin show that the current price spike may be far from over. WallStreetBets is now receiving support from a new Telegram group called “BUY & HOLD XRP FEBRUARY 1, 2021”, which plans to pump (and dump) tomorrow at 8:30 am EST. The group already has 121,000 members and could have an impact similar to WallStreetBets.
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