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Ripple Token Price Rose by 142% in Four Day

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Ripple Token Price

Ripple token price rose by 142% in four days

Ripple token price

The rise in the value of the altcoin XRP is associated with the activity of Reddit users, who previously inflated the quotes of GameStop shares and other stock market instruments

On the morning of February 1, Ripple token price renewed its high since December 19 at $ 0.59 on the BitXmi crypto exchange. The active rise in the value of the altcoin began on Saturday, January 30. Over the past 4 days, it has risen in price by 142%. The coin returned to the fourth line in the list of the largest cryptocurrencies by capitalization, ahead of Polkadot.

XRP has become the second consecutive cryptocurrency that has surged in value in recent days. Before that, a similar thing happened with the Dogecoin token, which in three days has risen in price 12 times, to a maximum of $ 0.087. This is due to the joint action of retail traders from the Reddit forum and groups in Telegram and Discord, which previously inflated the quotes of GameStop and other stock market instruments.

In one of the telegram chats, the users of which offer to buy XRP on February 1 at UTC / GMT +2, there are 200 thousand subscribers, in the channel of the same subject – more than 80 thousand.

Traders’ opinion

Ripple token price

Crypto trader and economist Alex Krueger wrote that he doesn’t expect the same big gains from XRP this week as Dogecoin’s last spike, reports Forbes. The expert explained that the capitalization of the Ripple token is much higher, so it is more difficult to manipulate it. However, Kruger expects quotes to rise to $ 0.75-1.

Trader Glen Goodman added that buying a token at current prices is gambling. Reddit users can overestimate the asset, but once they lose interest in it, there will be a collapse, Goodman warned.

The day after peaking at $ 0.085, Dogecoin’s value fell 74% to $ 0.022, and those who bought the asset at the peak suffered losses.

The Pump & Dump scheme in the stock market is officially fraudulent and regulated by the government. It is popular in the cryptocurrency space as there are many low-cap tokens that are easy to manipulate.

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