After the Gamestop incident, DogeCoin was next on the list and made headlines in the cryptomarket, supported by Elon Musk and other well-known crypto enthusiasts. These past few days revealed that WallStreetBets targeted yet another crypto, which already had good news ahead, and is the famous XRP. What happened in this past week, and will XRP manage to keep its strong momentum?
XRP Price was poised for a Comeback
In a previous article, we did warn of a strong momentum ahead, back when prices were still around USD 31 cents, and set up a nice trade which closed around 30%. For long time hodlers though, they managed to pocket even more gains.
When the SEC lawsuit first hit Ripple company, it drove prices down all the way to a 4 year low around USD 17 cents, which was basically a very strong support area for XRP. This price drop didn’t make much sense, as explained before in our previous article as the lawsuit was merely a civil lawsuit, which can be easily won or settled in a worst-case scenario.
By the end of Friday last week, Ripple company officially released a response to the SEC and made it public, where it clearly highlighted that XRP is not an “investment contract”, confirming that the cryptocurrency is a “virtual digital currency” and outside of the SEC’s jurisdiction. The company also blamed the SEC for handpicking individual companies to raise lawsuits left and right, as the XRP token is no different than Bitcoin or Ether, which the SEC confirms their nature.
XRP Price lifted by WallStreetBets
As explained in previous articles, a single entity has “no real power” to change directly the market, rather initiate or push momentum in prices. As such, with the already Ripple response to the SEC deemed as positive news, traders, investors, and WallsStreetBets members all jumped on board and started the buying momentum, pushing XRP prices back to their original prices prior to the price crash. If the momentum keeps going, reaching the USD 1 long-awaited price mark shouldn’t be a problem.
BUT, if profit-taking starts to happen around that USD 0.75 price area (which is most likely since most traders bought the very dip), it is likely that prices will adjust down to USD 0.4 levels, the area just before the lawsuit was announced. Buying now in the middle of a strong uptrend is a bit risky as volatility is very high, that’s why it’s always better to actively trade during these times, follow the trend and be proactive.
XRP back at 3rd place in the Top 10
In the past 24 hours, most cryptocurrencies from the top 10 were seen consolidating in prices, except XRP which overtook Tether by market capitalization with its recent price hike.
1- Bitcoin (BTC) : + 1.66 %
2- Ether (ETH) : – 1.49 %
3- Ripple (XRP) : + 44.05 % (surpassing Tether)
4- Tether (USDT) : 0 %
5- Polkadot (DOT) : – 2.11 %
6- Cardano (ADA) : – 0.73 %
7- Chainlink (LINK) : – 3.09 %
8- Litecoin (LTC): – 2.18 %
9- Bitcoin Cash (BCH) : + 5.466 %
10- Binance Coin (BNB): + 10.75 %
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Rudy Fares