The XRP rate has grown by another 50% over the past 24 hours and has overcome the $ 0.75 level. This is the highest point for XRP since November 2020. Then, after reaching comparable levels, it corrected and subsequently collapsed further amid a lawsuit by the US Securities and Exchange Commission (SEC) against its issuer Ripple. Since then, there have been no improvements in the case, however the XRP price is rising.
It is favorably influenced by the movement launched by traders with WallStreetBets, one of the manifestations of which was the formation of a pump group in Telegram . By the time of publication, the group had already reached the maximum limit of 200,000 members, which led to the opening of an additional channel with about 100,000 members.
“February 1 will be an outstanding day! This is a worldwide initiative. It is interesting to see what people as a community can do, “said one of the organizers, not forgetting to warn about the risks of investing in cryptocurrencies and adding that” there will be no XRP dump. ” However, the last aspect will depend on the participants in what is happening and the moment when they consider the price high enough to fix the profit. At the same time, the market remains volatile. Over the last hour, the price has managed to roll back from the peak to values around $ 0.55 and recover slightly.
Twitter account Whale Alert noticed an operation to unblock 1 billion XRP on Ripple escrow wallets. This is the company’s standard procedure for withdrawing the reserves of a token issued by it. How Ripple will dispose of them in light of the SEC lawsuit is unclear.
As a result of the current rally, XRP has returned to number three on the list of largest cryptocurrency assets again, surpassing Tether and Polkadot. XRP capitalization is now $ 32 billion, whereas a month ago it was about $ 10 billion.
XRP today attracts the main attention of traders. Changes in the price of other major cryptocurrencies are within a few percent. Against the general background, Dogecoin stands out, growing by 40%, which allowed it to return to 4 cents.