XRP Rallies 86% after Reddit Forum ‘Wall Street Bets’ Says ‘pump it’
In the early hours of January 30, cryptocurrency XRP made a bullish breakout and rallied 86% as it became the subject of talk in the reddit forum r/Satoshistreetbets, which is a crypto centered sub-directory of r/Wallstreetbets.
Data published by Cointelegraph Markets and Trading View indicates that XRP rallied from $0.28 to a high of $0.51 before profit booking caused the price to retrace back to $0.41.
It seems that the discussions last week, which witnessed r/Wallstreetbets pushed GameStop, AMC and Dogecoin (DOGE) upwards, have carried forward as Stellar (XLM) also witnessed its price rally along with XRP.
After gaining over 800%, DOGE price has declined 71% from the latest all-time peak of $0.078 on January 29.
Data provided TheTIE also indicates that the uptrend in XRP matched with a sharp surge in the number of tweets regarding the Ripple’s native crypto.
Stellar (XLM) has also drawn some notice from r/Satoshistreetbets, ensuing a 64% rise in price to about $0.38 on January 27, before retracing to current level of $0.3125.
In the last few months, the price of XRP was negatively impacted due to a case submitted against Ripple by the US SEC (Securities and Exchange Commission). The SEC blames that the firm is carrying out unlawful securities offering as Ripple consistently sells XRP tokens from the treasury.
In recent times, Ripple submitted a Freedom of Information Act petition with the SEC demanding documents related to co-founders of Ethereum.
The firm wants to understand why Ether (ETH) is not regarded as a security and stated that the government backed institution “clearly picked two winners and ignored a growing and robust industry that is much larger than Bitcoin and Ether.”