XRP Copycat Jumps 520%, Innovative Project or a Red Flag?

The digital currency ecosystem is seeing a mild bearish slump with the negative weekend sentiment engulfing most top cryptocurrencies. While the combined market capitalization is down by 0.29%, a new token, XRP2.0 is seeing a very visible bullish breakout in a market trend-defying order.

Insights into the XRP2.0 Token

The XRP2.0 token is branded as a cutting-edge cryptocurrency that embodies the essence of technological innovation. Per its self-description, it combines advanced blockchain technology with state-of-the-art encryption algorithms to create a secure and decentralized digital currency.

The cryptocurrency is soaring by 521.76% at the time of writing to $0.0001193. At a time when the broader crypto ecosystem is seeing an encompassing selloff, the upsurge in the price of XRP2.0 is bolstered by a massive 1449.23% growth in trading volume with a total of more than $6.6 million traded overnight.

The embrace of XRP2.0 is one that is best likened to memecoins considering its massive price surge. The current price peg is more than 78% below its All-Time High (ATH) which was set just about 5 days ago.

In its relatively short existence, XRP2.0 has recorded a more impressive Return on Investment (ROI) of more than 592,000%.

XRP2.0: Any Links to XRP?

One of the uncontrolled events in the digital currency ecosystem is the allowance for projects to mimic one another’s identity or modify each other’s branding. The XRP2.0 ticker is closely related to Ripple Labs Inc’s associated XRP coin and the close relationship might be a major boost as investors might assume the new version has a link to XRP.

The volatility of the token is very high at this time and while there is a possibility that it may keep growing, active traders might need to exercise caution to manage their risks very well. 

XRP recently inked a big victory against the United States Securities and Exchange Commission (SEC) as Judge Analisa Torres declared that it is not a security in itself. The aftermath of the price surge that accompanied the ruling might be positively rubbing off on XRP2.0.

While it is too soon to tell whether or not XRP2.0 is legitimate or not, time will tell if its promise to revolutionize payment can be widely accepted, devoid of XRP’s own fundamentals.