Ripple’s price is up 86% as members of the Reddit-based investment group shift their focus from Dogecoin
The price of Ripple witnessed a strong breakout of 86% in the first trading hours on January 30th, as the cryptocurrency became the fourth largest by market capitalization is the new currency that has been focused on in the r / Satoshistreetbets that focus on cryptocurrencies and emanating from the r / Wallstreetbets group. .
Data from Cointelegraph and Trading View Markets shows that Ripple rose from $ 0.28 to a peak of $ 0.51 before the profit sale sent the price back to $ 0.41.
Last week’s actions that saw r / Wallstreetbets pay the price of GameStop, AMC and Dogecoin (DOGE), seem to have shifted over the weekend as Stellar (XLM) also saw their prices rise along with Ripple.
After rising by more than 800%, DOGE’s price is now down 71% from an all-time high of $ 0.078 on Jan 29. Data from The Tay also shows that the rise in the price of Ripple coincided with a big jump in tweet volume.
Stiller (XLM) also received some attention from r / Satoshistreetbets, which led to a 64% price hike on January 27 that saw XLM’s price reach $ 0.38 before correcting to its current value of $ 0.318.
Legal problems Ripple faces may discourage boarding
In the past few months, the price of Ripple has been hit hard by a US Securities Commission (SEC) lawsuit against Ripple. The SEC claims that the company is making a continuous supply of illegal securities as Ripple is still periodically selling Ripple tokens from the Treasury.
Ripple recently filed a Freedom of Information Act request with the Securities and Exchange Commission for documents related to Ethereum founders.
The company is demanding to know why Ethereum (ETH) is not considered a securities, and said the government agency “has clearly selected two winners and ignored a growing and robust industry much larger than Bitcoin and Ethereum.”