Ripple cryptocurrency, XRP saw a two-month high on Monday, believed to be driven by the same plot as the recent GameStop (GME) stock surge.
The price movement has reversed the decline in prices at the end of last December due to the law. XRP has risen to a high of $ 0.7 during European trading, the highest level since November 25. Today’s rise continued from $ 0.27 to $ 0.50 and continued to rise to a daily high of $ 0.7 on Monday. This price spike puts Ripple at the number 3 largest ranking in market value.
The XRP price dropped from $ 0.55 to $ 0.20, after the U.S. Securities and Exchange Commission announced the lawsuit against Ripple Labs on December 22nd. This claim caused some exchange platforms to drop Ripple on their platform.
However, Ripple Labs responded to all SEC allegations on Friday. In a 93-page defense statement filed on Saturday, Ripple answered one by one the SEC's allegations by focusing on Ripple's function as well as its relationship with other cryptocurrencies in terms of price. Read here.
The recent surge is believed to have been caused by the Telegram group known as Buy & Hold XRP (t.me/pumpxrp) and r / SatoshiStreetBets. The group has an average of almost 200 thousand members.
Based on the information in the two chat rooms, the XRP pump is expected to start today, February 1, 2021 at 8:30 AM EST (9:30 pm Malaysian time).
So far, XRP is trading at $ 0.4497. According to analysts. the next XRP target is $ 0.80, if it can be broken then there is potential to reach the $ 1 price level even higher.
