After pushing Dogecoin into an all-time high, WallStreetBets traders have shifted their attention to the native crypto asset of Ripple, XRP as the price of the asset records a whopping growth of 140% in the last seven days.
WallStreetBets traders who came into the limelight after their activities shattered the ceilings of the shares of GameStop which resulted in Melvin Capital, a leading hedge fund running into millions if not billions of dollars. This forced trading platforms to regulate the purchase of the shares and in response, the traders shifted their attention to the crypto industry where there is no room for such intermediaries.
At first, the interest of these traders was on the popular meme coin, Dogecoin, however, the rapid decline in the price of the asset has pushed their attention towards XRP with the price of the asset has also responded positively to this new attention. As of press time, Coinmarketcap says the asset is currently exchanging hands for $0.66.
A crypto-pump group whose name is “Buy & Hold XRP” that was created on Telegram on January 30 currently has over 200,000 members. This group, alongside others, have been rumored to be responsible for the incredible rise in the price of the asset.
It appears that XRP is not the only token in sight of these traders who have also played a part in the rise of Stellar’s XLM by over 60% with the price reaching a high of $0.38 before it corrected to its current value of $0.346.
Can XRP maintain this run?
Presently, the multi-million question is if XRP can maintain this current run of the rise in its price especially with the fact that Ripple and the Securities and Exchange Commission of the United States are prepared to lock horns over if the token is a security or not.
Some analysts have already opined that this run is unsustainable. A renowned trader and Author in the market, Glen Goodman, was quoted by Forbes to have said that “Buying XRP at these prices, while its future hangs in the balance, is a pure gamble.”