XRP Price has pumped over 70% in the last hour, taking its price from $0.28 to near $0.5 mark for the first time since the SEC filed a lawsuit against Ripple. The price rise is suspected to be a pump driven by a Telegram group, helping the altcoin to finally overcome the $0.30 price barrier.
This is crazy even for crypto!
A group with 55,000 members planning to pump XRP
The markets are actually becoming a meme pic.twitter.com/LyzjK9XgXt
— Alon Gal (Under the Breach) (@UnderTheBreach) January 30, 2021
Is this Rise in XRP price a Pump-Dump?
Many in the crypto-verse raised suspicion about possible news with no other reason in sight for the pump. TRON (TRX) rose quite similar to XRP yesterday owing to the similar pump owing to another Telegram group.
The frenzy about pumping small stocks began with GameStop when a Reddit group shot squeezed the GME stock to rise above $450.
Justin Sun, the founder of the Tron group took to Twitter to announce that he would buy 1 million GME stock followed by a pump in TRX price. Later it was revealed that thr pump was artificially created by a Telegram group probably trying to emulate the wallstreetbets, the Reddit group behind GME stock pump.
TRX rose over 42% during the pump before losing nearly all its gains within an hour of the rise. Many warned people to not rush into buying XRP looking at the price while XRP fans called it a natural pump owing to Ripple’s official rebuttal to the SEC lawsuit in a court filing.
Today, we filed our preliminary legal response to the SEC’s complaint. With it, we start to set the record straight and correct many misconceptions and contradictions within their allegations. 1/5 https://t.co/8KVBuSzCGH
— Stuart Alderoty (@s_alderoty) January 29, 2021
The short squeeze trend is now being used by Telegram groups to pump the price followed by a dump. This, many have warned against investing in such crypto assets that are being pumped artificially.
Though many known traders are defending the XRP price rise, the crypto community seems to be divided into two groups. Many known crypto traders are defending the XRP price as much awaited jump rather than a planned pump.
Regarding this $XRP “pump” group. They will always find a “narrative” to justify price movements. Ignore the fact that the chart has been absolutely primed for a big move that I’ve been tweeting about the past few days. https://t.co/8DWdVtUDuC
— Credible Crypto (@CredibleCrypto) January 30, 2021
What do you think, is this a planned pump?