By Sabina Muradova
On Feb 01, 2021
The popular cryptocurrency XRP gained the attention of social media with the biggest single-day gain in 3 years. Due to the U.S. Securities Exchange Commission (SEC) lawsuit, San Francisco company Ripple, whose signature product is XRP, has long been craving positive news. Every day, the price was started to looking downward as exchanges stopped trading XRP. For the first time after a period, there has been a piece of positive news for XRP price in recent days. Ripple price started a strong increase after consolidating above the $ 0.2400 level for several days. With a clear break above the $ 0.3000 resistance zone, the currency fully showed the bullish signals. In a short time, it removed many hurdles starting at $ 0.4000. Behind this unexpected pump was the subreddit r/Wallstreetbets. The forum known as WallStreetBets or WSB is a social space where participants discuss the trading of stocks and options.
XRP price exploded, increasing by more than 86%. With this incredible rise, XRP has outperformed major cryptocurrencies including, Bitcoin and Ethereum.
In the meantime, the social media interest in XRP is also at its highest since September 2018, according to Santiment, a financial market data and content platform for the crypto asset and blockchain space. XRP’s new account activations are also at levels last seen during the Flare Networks airdrop.
🚀 $XRP broke out to a high of +62% on the day (~$0.47) before retracing back to a now still 5-week high of $0.39. Our social volume metrics note that this gain in interest was the highest since Sep. 21, 2018, when $XRP surged from $0.32 to $0.77 in a day. https://t.co/kFYzGunHkT pic.twitter.com/xnUfZxMYZV— Santiment (@santimentfeed) January 30, 2021
🚀 $XRP broke out to a high of +62% on the day (~$0.47) before retracing back to a now still 5-week high of $0.39. Our social volume metrics note that this gain in interest was the highest since Sep. 21, 2018, when $XRP surged from $0.32 to $0.77 in a day. https://t.co/kFYzGunHkT pic.twitter.com/xnUfZxMYZV
— Santiment (@santimentfeed) January 30, 2021
Ripple’s price is up to 86% as members of the Reddit-based cryptocurrency community shift their focus from Dogecoin. Last week, r/Wallstreetbets users, who caused the spike of GameStop, AMC stocks, and Dogecoin, turned their attention to XRP this time. The resurgence of XRP in the markets is connected to the WallStreetBets’s decision to buy the cryptocurrency. The idea of buying XRP was allegedly agreed upon by WallStreetBets’ cryptocurrency community known as SatoshiStreetBets on Telegram.
Before the WallStreetBets pump, the altcoin was consolidating around the $ 0.25 price area on January 28. After that, XRP has increased by over 100% in 48 hours, reaching its peak of $ 0.52. At the time of writing, the popular cryptocurrency was trading around $ 0.66.
On the other hand, Stellar has also been on the rise beside XRP, drawing the same attention from Reddit users. On January 27, it jumped 64% to $ 0.38. XLM is trading at $ 0.34 as of writing.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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