Ripple’s cryptocurrency (XRP) had its highest daily appreciation ever recorded and reached its highest price since 2018 this Monday (1st). The digital currency reached $ 0.75 this morning, having accumulated a 46% increase since its low the previous day. An organized movement in Telegram seems to be directly related to variation through coordinated purchase and holding actions.
XRP triples value in one week
As of last Monday (25), the cryptocurrency was stable, at around US $ 0.26. In a matter of just a week, its price soared to two distinct peaks. The first on Saturday, hitting $ 0.51, and then this Monday, topping $ 0.75.
For Ripple’s cryptocurrency, its price has almost tripled over a short period. This unusual movement happens while the company is being sued for allegedly selling unregistered securities. The value of the digital currency was directly affected by the controversy, which forced many exchanges to remove XRP from their trading lists.
Movement on Reddit and Telegram boosts XRP
What appears to be behind the sudden rise in cryptocurrency is curiously a movement coordinated by users on the popular Reddit forum and Telegram instant messaging platform.
The self-appointed WallStreetBets created a Telegram group this past Saturday to encourage members to buy XRP and consequently coordinate a forced rise in the price of the digital currency. In just 24 hours, more than 200 thousand members were already acting through the app, the maximum allowed by the platform. Thus, a secondary community was created and already has about 100 thousand followers.
Crypto was never the same. What an AMAZING accomplishment on the part of the community. We have reached MAX CAPACITY. A new channel has been created. Please circulate this NEW LINK! #XRP
Channel – https://t.co/bGlklHcQdN pic.twitter.com/Sk7YDyEu6s
– THE XRP BULLY (@THEXRPBULLY) February 1, 2021
“Cryptocurrencies have never been the same. What an AMAZING achievement on the part of the community. We have reached MAXIMUM CAPACITY. A new channel has been created. Promote this NEW LINK! ”, The user“ THE XRP BULLY ”, responsible for leading the virtual initiative, posted on Twitter.
Since the movement began, XRP has soared 50% on Saturday and then 46% on Monday. The group’s organization appears to have started through the popular Reddit online discussion forum and then migrated to Telegram.
XRP plummets on the same day
On his Youtube channel, the organizer “THE XRP BULLY” held a live explaining the movement and guiding followers on what to do (and on the risks that followers take). “February 1st will be an incredible date! It is a worldwide initiative and it is interesting to see what people acting in community can do ”, he said.
However, the user also warned that, like most cryptocurrencies, XRP is a risky investment and that everyone who is part of the movement should be aware of this. Thinking of these potential losses, the digital currency has already dropped to a low of $ 0.41 today, just hours after its maximum price.
The movement’s leader concludes: “With so many people without a bank in the world, we need a community of XRP developers to create applications on the blockchain. That’s how the value will come. Cryptocurrency offers an excellent use case and this is a golden opportunity ”. The goal is not only to buy digital currency in bulk, but also to maintain it. However, like any speculative asset, the digital community was unable to prevent its sale and subsequent devaluation.
With information: CoinDesk