Ripple XRP got a massive boost, rising by almost 50% in price. The increase in value of the world’s fourth largest cryptocurrency is likely caused by recent Wallstreet action, following a rush to purchase stocks like GameStop.
Over the last 24 hours, XRP price has risen by over 50% after dogecoin lost over half of its recent gains.
The price of the digital token rose to $0.50944, hitting its highest level since 22 December. The jump represented the biggest single-day gain of the token value since 2007.
Recent activities on Reddit caused a spike in price of low-value stocks of GameStop as people sought to make a meme of the Blockbuster equivalent of video games. After the pump in price of GameStop stocks, demand for dogecoin rose by almost 1,000% higher.
Others believe the double-digit price was caused by a coordinated move by members of a Telegram group called Buy & Hold XRP. Membership numbers of the group reached 200,000, leading to a migration to a new channel called PumpXRPOfficial.
Prior to the increase in value, price action was above key Daily S/R levels. Price action was trading under a key resistance zone. As the volume profile reached a decline, the perfect storm arose for a breakout.
Despite Ripple’s regulatory woes, it’s community continues to place its faith in the XRP token. The organization and its leadership were accused of carrying out an illegal securities offering, facing charges from SEC in the US.
Ripple has pushed back against allegations stating:
“The functionality and liquidity of XRP are wholly incompatible with securities regulation. To require XRP’s registration as a security is to impair its main utility,”
With more giant organisations being added to Ripple’s list of partners, it is difficult to imagine a future without Ripple as many traditional finance institutions depend on XRP to improve their transfer processes.