Ripple Leaps Higher Than DogeCoin - Price Analysis.

Ripple Leaps Higher Than DogeCoin - Price Analysis.

2021-01-31 | Eddy Morgan

Ripple Leaps Higher Than DogeCoin - Price Analysis.

Ripple [XRP], presently the  4th global leading cryptocurrency in line with CoinMarketCap, has suddenly leaped higher within a recent surge powered by WallStreetBets traders. XRP, a digital token created by the embattled San Francisco-based company Ripple, has raised over 50% to its price over the last 24 hours, climbing after dogecoin, a tongue-in-cheek "joke" bitcoin rival named by Elon Musk as his "fav" cryptocurrency, crashed—losing over half its recent gains. Ripple's XRP is the second cryptocurrency to suddenly pump in the week after dogecoin's huge meme-fuelled rally briefly sent its price almost 1,000% higher (though there has been speculation bitcoin could emulate GameStop's recent short squeeze). Dogecoin and XRP have surged in the week as retail traders organized via Reddit's WallStreetBets forum and groups on Telegram and Discord are colluding to "pump and dump" the digital tokens. Members of 1 Telegram group that has over 100,000 people in it have named XRP as a crypto asset to shop for. "Focus on XRP," wrote one Telegram group member. "Please buy & hold." Traders turned to cryptocurrencies in the week after a long-running battle between bullish retail traders organized via Reddit's WallStreetBets and Wall Street hedge funds that have long been shorting GameStop shares reached its climax—with regulators and brokerages trying to calm frantic markets with heavy-handed restrictions. Tesla TSLA -5% chief executive Elon Musk, who regularly posts about cryptocurrencies on Twitter, helped drive dogecoin higher before giving bitcoin a long-awaited tacit endorsement. The bitcoin price, after dipping under $30k per coin in the week, suddenly leaped 20% higher after Musk changed his Twitter bio to "#bitcoin" and posted: "In retrospect, it had been inevitable." However, despite XRP's quite 50% rally, traders don't think it'll reach the type of short-term gains seen by dogecoin—though it could have further to run. Ripple Leaps Higher Than DogeCoin - Price Analysis. "Buying XRP at these prices, while its future hangs within the balance, maybe a pure gamble," veteran trader and author of The Crypto Trader, Glen Goodman, said via Twitter DM. "The WallStreetBets crowd could easily push it tons higher, but the instant they lose interest and advance to a special target, the worth is certain to collapse again." "I don't expect XRP's pump to be as big as dogecoin's in the week, though it'll find yourself with a blowoff," said cryptocurrency trader and economist Alex Krüger, speaking via Telegram. "XRP is harder to maneuver as it features a much larger market capitalization than dogecoin but I presume they might take it up to $0.75-$1.00 USD." Krüger also warned that, unlike with GameStop, there are "no hedge funds short-selling doge, so it's not liquidated hedge funds who provide the exit liquidity, but latecomers who are left holding the bag," adding: "How many doge stocks 'investors' will realize they fell for one among the most important pump & dumps in history?"

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