XRP price underwent a strong 42 % breakout at today’s early trading session as the fourth-most valuable crypto by market value became the new coin of focus from a new brand of retail traders known as Wallstreetbets.
It seems that the prevailing circumstances that saw Wallstreetbets increase their buying pressure on GameStop, Blackberry, and Dogecoin (DOGE), have carried over into the weekend as XRP saw an increased buying pressure.
What you should know: At the time of drafting this report, XRP traded at $0.404171 with a daily trading volume of $25.9 billion. XRP is up 42.33% for the day.
READ: Crypto exchanges stop Ethereum withdrawals
- In the past few weeks, XRP price had experienced high selling pressure on a lawsuit filed against it by the U.S. Securities Exchange Commission (SEC) leading investors and crypto-traders cashing out most of their profits amid fear of regulation coming from the world’s largest economy.
- Leading crypto exchanges including Coinbase, OKCoin, Coinbase, Bittrex, Bitstamp, OSL, CrossTower, and Beaxy are now staying away from XRP, thereby dampening market liquidity in the XRP market as the crypto exchanges listed above recently announced that they would suspend trading of XRP, while others will delist XRP entirely.
READ: Major reasons why XRP is better than Bitcoin
Meanwhile, Ripple has filed its response to the SEC’s complaint. Ripple, as it has many times before, said its digital token XRP was not a security i.e. an investment in Ripple and is therefore not in the SEC’s jurisdiction
In addition, Ripple is demanding to know why Ether (ETH) isn’t considered a “security” while XRP is tagged as such.
Wallstreetbets explicitly forbids talk on its forum about crypto. There may have been talk on another subreddit attempting to get others to buy xrp and dogecoin, but attributing the action to wallstreetbets is misleading.
Good article perhaps more in depth investigation of the difference between ETH and Ripple would be very interesting read
Thank you