XRP saw a sharp 86% break in the early hours of trading on January 30, when the fourth largest market-value cryptocurrency became the new currency in the r / Wallstreetbets hub of r / Satoshistreetbets’ cryptocurrency-focused branch.
Data from Cointelegraph Markets and TradingView show that the XRP rises from $ 0.28 to a high of $ 0.51 before capital gains pushed the price back to $ 0.41.
It seems that the strange behavior that was prevalent last week, when r / Wallstreetbets pumped out GameStop, AMC and Dogecoin (DOGE), has moved to the weekend when Stellar (XLM) also saw price increases along with XRP.
After achieving more than 800%, DOGE’s price is down 71% from a full-time $ 0.078 on January 29th. TheTIE data also show that the increase in the price of XRP coincided with an increase in tweet volume.
Stellar (XLM) also attracted some attention from r / Satoshistreetbets, increasing prices by 64% on January 27, pushing the XLM price up to $ 0.38 and then correcting the current value of $ 0.318.
Legal issues with XRP could lead to growth
The price of XRP has had a hard hit in recent months due to a lawsuit filed by the US Securities Commission (SEC) against Ripple. The Securities and Exchange Commission claims that the company consistently carries out illegal equity investments, as Ripple continues to periodically sell XRP tokens from the Treasury.
Ripple recently sent a Freedom of Information Act request to the SEC to find documents related to Ethereum founders.
The company demands to know why ETH is not considered safe and said the authorities “have clearly chosen winners and ignored a growing and resilient industry far larger than Bitcoin and Ether.”