Together we are strong – XRP gains 86 percent on Reddit
The forumers at r/Satoshistreetbets are now seemingly turning their focus from Dogecoin to XRP and other altcoins.
The price of XRP made a strong gain of 86% today, 30 January, after the fourth largest cryptocurrency became the next target of r/Satoshistreetbets, an offshoot of the now infamous Reddit sub-forum r/Wallstreetbets.
As data from Cointelegraph Markets and TradingView shows, this allowed XRP to climb from US$0.28 to US$0.51 today, after which it went to US$0.41.
The hype around collective buying of securities emanating from r/Wallstreetbets had initially boosted GameStop and AMC shares this week, before Dogecoin (DOGE) also benefited with Bitcoin Up whopping gains. Now it seems that the cryptocurrencies Stellar (XLM) and XRP are also being specifically driven upwards by forex traders.
As a result, DOGE was able to achieve an interim gain of over 800%, which resulted in a new record high of 0.078 US dollars yesterday, 29 January. However, the price has since lost 71%. As the data from the crypto market research institute TheTie shows, the upswing of XRP is accompanied by a significant increase in activity on social media, which supports the thesis that the fourth-largest cryptocurrency is also being carried by the current hype.
Stellar (XLM) is also getting support from r/Satoshistreetbets, which has already lifted the crypto’s price by 64% on 27 January. This put an interim high of US$0.38 on the tableau for XLM, which was followed by a retracement to US$0.318.
XRP hit by SEC complaint
The XRP price has been severely dampened by the indictment of the US Securities and Exchange Commission (SEC) against the issuer Ripple. The agency charges that the crypto payment service provider’s issuance of the cryptocurrency constitutes an unlawful sale of securities, as Ripple repeatedly sells off XRP assets from its own reserve, thereby affecting the price.
As part of its own defence strategy, Ripple has now requested information from the SEC regarding the classification of the cryptocurrency Ethereum.
In doing so, the crypto payment service provider wants to find out why Ether (ETH) is not classified as a security or what standards the regulatory authority applies in its assessment. In this context, Ripple accuses the exchange supervisory authority of „picking two winners of the crypto market, although the industry is much bigger than just Bitcoin and Ether“.