Ripple XRP is the new digital currency to pump the market value, following meme-based cryptocurrency DogeCoin. DoegCoin’s value skyrocketed by 800 per cent last week and had an intraday high of $0.0779 in just 24 hours after the surge. Analysts assumed that the dogecoin might reach up to $1 dollar mark by the end of the week, but the crypto token lost its more than half of the gains.
DogeCoin is currently trading at $0.040, according to the popular digital currency exchange, Coingecko. Now, people have shifted their focus on another cryptocurrency, which ranked fourth among the digital currencies on the basis of total market capitalization. Ripple XRP is the new dogecoin for hyped-up Reddit users, who shook Wall Street last week with GameStop rally.
The popular forum r/wallstreetbets triggered the GameStop short squeeze and reportedly inspired r/SatoshiStreetBets to crypto rally. r/SatoshiStreetBets hyped the users on their forum to keep pushing and raise the value of dogecoin equivalent to GameStop. Now, again the traders from r/wallstreetbets have helped Ripple XRM leap higher in value and total market capitalization.
The reports claimed that the Reddit’s forum, Telegram and Discord’s groups provoked the rising of XRP. XRP’s value jumped by 86% on the early hours of the trading day on Saturday and Sunday. The crypto was previously standing at $0.28 before the surge and reached to $0.51. However, the value later dumped to $0.41. Traders hailing from the Reddit groups are applying the ‘pump and dump’ rule in the crypto market.
While XRP value skyrocket, the previous focus coin, DogeCoin saw huge dump, almost 71 per cent of its original rise. One trading group in Telegram with over 100,000 members, pushed the users by claiming that XRP is the cryptocurrency to buy. Multiple social media accounts were created and formed WSB XRP Department much like Doge Department to fuel the pump.
Ripple CTO David Schwartz believes that the pump is a targeted act by the traders. The US Securities Exchange Commission (SEC) recently filed a lawsuit against Ripple that it is performing illegal securities offering through XRP.