XRP Price gains more than 100% as members of a Reddit-based investing group shifted their focus from Dogecoin:
The price of XRP surges over the weekend as it gets attention from the Reddit-based investing group.
The price of the fourth-ranked cryptocurrency by market cap skyrockets during the weekend with a strong breakout on Jan. 30 as it became the new focus in the Wallstreetbets cryptocurrency-focused off-shoot Satoshistreetbets.
Data from TradingView shows that the price of XRP rose from $0.283 to a peak of $0.60. The price of XRP was trading at $0.283 on Friday and it is currently trading at $0.59 at publishing time. London and New York markets are yet to open and the price of XRP has already made a new high of $0.60, which is more than a 100% gain over the weekend.
As reported on Cointelegraph, “It appears that the antics of the past week which saw Wallstreetbets pump GameStop, AMC and Dogecoin (DOGE), have carried over into the weekend as Stellar (XLM) also saw its price pump in tandem with XRP.”
After rallying more than 800%, DOGE price is now down 71% from its recent all-time high of $0.0736 on Jan. 29.
Stellar (XLM) also received some attention from Satoshistreetbets, resulting in a price spike of 64% on Jan. 27 which saw the price of XLM reach as high as $0.38 before correcting to its current value of $0.318.
Ripple filed a response to the SEC lawsuit
The price of Ripple was hit hard due to the lawsuit filed against the Ripple Lab by the US. Securities Exchange Commission (SEC) back in November 2020. It was alleged by the SEC that the company was conducting an illegal securities offering as Ripple sells XRP tokens out of the treasury.
With the lawsuit having major, well, ripple effects on the company, Ripple recently filed a Freedom of Information Act (FOIA) request with the SEC seeking documents pertaining to Ethereum co-founders.
On Jan. 29, Ripple Labs filed its response to the SEC’s complaint. Ripple, as it has many times before, argued that XRP is not a security i.e. an investment in Ripple, and is therefore not in the SEC’s jurisdiction. Ripple is, moreover, prepared to drag the rest of the industry into its fight to make its case.
As reported on Cointelegraph, a representative of Ripple said:
“The SEC has clearly picked two winners and ignored a growing and robust industry that is much larger than Bitcoin and Ether. In addition to discovery we will seek directly in the lawsuit, we filed a Freedom of Information Act (FOIA) request for more information about how the SEC determined the status of Ether as a non-security.”
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Tobi Ismail
Tobi is a full time day/swing trader with 3 years’ experience in the currency and commodity market. He is interested in cryptocurrencies in combination to the current financial system. Tobi holds a bachelor’s degree in Agriculture.
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