xrp crypto value

XRP Price Predictions: Where Will the Crypto Go After a Telegram Rally?

If You Still Have Ripple for Some Reason, Sell It While You Can
Written by publisher team

Cryptocurrency enthusiasts are not missing out on any opportunities to follow the success of r/WallStreetBets. during the Weekend, XRP (CCC:XRP) erased all of its losses from the last month, rising on the back of a coordinated rally. So where does the XRP price prediction say the cryptocurrency will go next?

Source: shutterstock

To start, investors should know that it was crowded a few days ago for digital currency. Ripple, the company behind the cryptocurrency, took a stand on Friday. In a new filing, it has responded to a lawsuit facing the US Securities and Exchange Commission.

For those unfamiliar, the SEC claimed in December that XRP was a security rather than a digital currency. However, Ripple did not register XRP as such, which angered the regulatory agency. Not surprisingly, the allegations caused massive losses to XRP, sending prices lower.

Now though, Ripple and XRP are bouncing back again. On Friday, Ripple Labs confirmed that XRP is a digital token, not a security. Her main argument was that XRP has a benefit beyond normal security, like its open source nature. In addition, Ripple Labs said that XRP is linked to Bitcoin (CCC:BTC) And Ethereum (CCC:ETH). The company has filed a Freedom of Information Act request to determine why Bitcoin and Ethereum are not considered securities, likely in the hope of making its case in court.

Just like that, a new wave of XRP price predictions has emerged. But this time, a lot of enthusiastic groups came on Reddit and Telegram…

Telegram Pumps XRP Price Predictions

As Omkar Godbole wrote for CoinDeskThe so-called pump and dump schemes are not absent in the cryptocurrency world. However, after the success of r/WallStreetBets with Jim Stop (New York Stock Exchange:GME) And Dogecoin (CCC:dog), many enthusiasts see the emergence of a new era.

With this in mind, the Buy & Hold XRP group debuted on Telegram, quickly amassing over 200,000 members and spawning other Telegram channels. As with r/WallStreetBets, the group wanted to coordinate a rally in XRP and continue to stick to digital tokens. They sent XRP prices to a three-year high, erasing losses from December and bringing XRP price predictions like a dollar into focus.

So what else do investors need to know? And what will this new interest in cryptocurrency XRP price predictions mean? To start, not everyone believes in the power of Telegram. Social media user Credible Crypto claims that as the fifth largest cryptocurrency, it is unlikely that any Telegram group will be strong enough to pump it out. This argument comes from 24 hour trading volume Buy & Hold XRP group size.

Even if Telegram users and Redditors aren’t solely responsible for the rise, we’ve learned how powerful social media groups have been in recent days. With this in mind, keep a close eye on XRP and its price predictions. Wherever things go, the cryptocurrency is trading close to 60 cents. Also, like Investor Contributor Tom Taulli wrote this morning, Make sure you understand all the risks involved.

Once you acknowledge the risks, be sure to appreciate the story. If Ripple Labs can get rid of the lawsuit and crypto enthusiasts can continue to boost XRP, anything is possible.

At the date of publication, Sarah Smith did not (directly or indirectly) hold any positions in the securities mentioned in this article.

Sarah Smith is a Web Content Producer for InvestorPlace.com.

About the author

publisher team