Tuesday, September 28, 2021
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After WallStreetBets-Led, Ripple Risks Major Declines

After a group of Redditors responsible for pumping collapsed stocks of GameStop and AMC Companies decided to orchestrate the same purchasing frenzy for the native token XRP of the blockchain business, Ripple is back at the center of focus of the cryptocurrency world.

The XRP/USD exchange rate has soared from $0.23 to as high as $0.77-a 228 percent surge over the last four days. At one point in time, the pair’s gains raised the XRP’s market capitalization to $32 billion, making it the fourth most popular space cryptocurrency. 

As of Monday, the Ripple token was lower, driven by the sentiment of profit-taking. During the Asian and European sessions, its price against the dollar dropped by 22.42 percent, leaving exposed traders with two options: either repurchase it at local lows or exit completely after securing remaining profits. 

There is no underlying basis for what has succeeded in favor of Ripple, but WallStreetBets, a Reddit community that is on a quest to give losses to rich hedge funds. Their recent stint on the $43 trillion US stock exchange raised the most-shortened stocks, forcing Melvin Capital, with more than 53% of its capital wiped out, to close its bearish positions. 

According to newsbtc.com, WallStreetBets has seen the cryptocurrency community, famed for its anti-establishment views on global finance, as their cue to orchestrate similar mob-led bullish frenzies.

 In a copycat rally, Dogecoin, a meme cryptocurrency that has practically no reason to exist except to make jokes about the crypto business, soared more than 1.100 percent. Nevertheless, from its current high of $0.01, its price rapidly crashed by as much as 79 percent. 

The joke token has not yet given up on its hopes of bullishness. After setting a low near $0.02 on Saturday, it corrected by more than 100 percent back to the upside. With its traders deciding whether to pump it higher or dump it lower, it is now consolidating sideways, much like XRP.

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