Is the recent XRP surge due to Reddit Forums?

After GameStop and DOGE, it is time for XRP to boom
  • XRP has boomed in the crypto market by surging more than 150% in just two days
  • Reddit forums like r/WallStreetBets and r/SatoshiStreetBets are seemed to be the reason behind the surge
  • After winning the legal war on Friday, Ripple now has a massive support

XRP is the native token of Ripple, one of the largest fintech firms in the world. And the token seems the next target of the Redditors. After the recent rally retained by the Retail investors, the token has jumped above $0.70, which is more than up by 150% since last week. The price took a strike in just some days after a significant Reddit based XRP Pump discussion. Following the surge, it is clear that after manipulating the prices of GameStop and Dogecoin the forum has targeted XRP. 

Source: CoinMarketCap (XRP week chart)

XRP is now having the attention of Reddit forums

Last week, some Reddit users or a member of a Reddit forum r/WallStreetBets and r/SatoshiStreetBets were observed manipulating the prices of GameStop shares and Dogecoin. Following the fact, last week the price of GameStop shares surged tremendously, and the price of the meme-based token also surged by more than 900% in just 24 hours. Now, XRP caught the attention of such forums, a crypto-focused Reddit forum. Late last week, the forum started to argue regarding the token, and in over two the cryptosphere is witnessing a jump from $0.28 to $0.70 in the price. 

Ripple has massive support after winning the legal war

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In the last week of 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple for its XRP token. Last week the token won the legal war and proved itself as a currency. According to Ripple, the US DOJ and FinCEN now recognize the token as a virtual currency and not a security as stocks. Hence, the retail traders are now providing massive support to the XRP token, as it is the new trend in the Reddit forums. According to Brad Garlinghouse, the CEO of Ripple, now the community and the firm can modernize the outdated laws that aren’t working to protect users.

The current price performance of Ripple tokens

Currently, Ripple (XRP) is trading at the price level of $0.70, which is up by more than 46% in the last 24-hours. With the soaring price of the token, the total market capitalization has also surged by more than 150% to $32.98 billion since Friday. Following the performance over seven days, it is observed that the token price is up by more than 164%.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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