[ad_1]
The price of XRP saw a sharp breakout of 86% at the start of trading hours on January 30, as the fourth-ranked cryptocurrency by market cap became the new centerpiece in the cryptocurrency-focused r / Wallstreetbets. r / Satoshistreetbets.
Data from Cointelegraph Markets and TradingView shows that XRP rose from $ 0.28 to a high of $ 0.51 before the profit sell-off took the price down to $ 0.41.
It looks like last week’s antics that saw r / Wallstreetbets pump out GameStop, AMC and Dogecoin (DOGE), continued over the weekend, with Stellar (XLM) also seeing its price rise in tandem with XRP.
After rallying over 800%, the DOGE price is now down 71% from its recent all-time high of $ 0.078 on January 29. TheTIE data also shows that the rally in the price of XRP coincided with a drastic increase in tweet volume.
Stellar (XLM) also received some attention from r / Satoshistreetbets, resulting in a 64% price hike on January 27, which saw the XLM price hit $ 0.38 before returning to its current value of $ 0.318.
XRP legal woes may put the brakes on the rally
In recent months, the price of XRP has been hit hard due to a lawsuit filed against Ripple by the U.S. Securities Exchange Commission (SEC). The SEC alleges the company is carrying out an ongoing illegal securities offering, as Ripple still periodically sells XRP tokens out of the treasury.
Ripple recently filed a Freedom of Information Act application with the SEC to obtain documents regarding the co-founders of Ethereum.
The company demands to know why Ether (ETH) is not considered security and said the government body “has clearly picked two winners and ignored a growing and robust industry that is much bigger than Bitcoin and Ether.”
[ad_2]
Source link