- The XRP price skyrocketed to $0.45 (+55%) as a likely result of a pump by the WallStreetBets group.
- A Telegram group with already 121,000 members is planning another XRP pump on Monday at 8:30am EST.
A few hours after Ripple Labs published its response letter to the SEC on Friday, the XRP price started pumping, bucking the market trend. Even though the response was 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 asking for XRP to be determined as a non-security, crypto Twitter is skeptical.
Despite the coincidence in time with the news, the massive rally seems to be more of a “pump and dump” following the lead of GameStop stock or even Dogecoin’s 1,000% 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 numerous other experts, confirm Schwartz. Martin wrote to his 238,000 followers on Twitter that the DOGE mob now appears to be targeting XRP:
It pains me to say this….it really does…but it looks like the hot ball of money that pumped $DOGE has started to move into $XRP. […] $XRP up 50% in a day because of its amazing fundamentals…just like Gamestop.
The pump started when voices were raised on the r/WallStreetBets Subreddit about an XRP pump. In addition, numerous new accounts were created on social media, very similar to the “WSB Chairman”, the founder of the group. Thus, there is now a WSB Chairman XRP & DOGE Department and a WSB Chairman XRP Department, which may have also fueled the pump.
Just the beginning? Telegram group arranges XRP pump for Monday
However, the XRP rally may only be the beginning of a bigger pump. Both GameStop stock and Dogecoin show that the current price surge could be far from the end. WallStreetBets is now getting support from a new Telegram group called “BUY & HOLD XRP FEB 1st, 2021”, which plans to pump (and dump) tomorrow 8:30am EST. The group has already grown to 121,000 members and could have a similar impact to WallStreetBets.
At the time of writing, XRP has seen a 55% increase in price over the last 24 hours and was trading at $0.45.