xrp crypto value

XRP price gains 86% after r/Wallstreetbets’ crypto wing says ‘pump it’

XRP price gains 86% after r/Wallstreetbets’ crypto wing says 'pump it'
Written by publisher team

XRP price underwent a strong 86% penetration in the first trading hours of January 30, as the cryptocurrency ranked fourth by market capitalization became the new focus in r/Wallstreetbets cryptocurrency r/Satoshistreetbets.

Data from Cointelegraph Markets and TradingView shows that XRP rose from $0.28 to a peak of $0.51 before selling off profits taking the price back to $0.41.

XRP/USDT 15-minute chart. source: TradingView

The antics of the past week that saw r/Wallstreetbets pumped into GameStop, AMC, and Dogecoin (DOGE), seem to have carried over into the weekend as Stellar (XLM) also saw its price rise along with XRP.

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

XRP price vs tweet volume. source: tie

Stellar (XLM) also received some interest from r/Satoshistreetbets, which led to a 64% price rally on January 27 that saw XLM price reach $0.38 before correcting to its current value of $0.318.

XRP’s Legal Issues May Discourage Rally

In the past few months, the price of XRP has been hit hard by a lawsuit filed by the US Securities Commission (SEC) against Ripple. The SEC claims that the company is constantly offering illegal securities as Ripple continues to periodically sell XRP tokens from the treasury.

Ripple recently submitted a Freedom of Information Act request to the SEC for documents relating to the founders of Ethereum.

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