The value of Ripple soared over the weekend, reaching the highs of December 17, 2020.
- In less than three days, the price rose from $ 0.2856 to $ 0.6783 per security by the end of the European trading session on Monday.
- According to CoinMarketCap, yesterday's daily growth of XRP/USD was 48.55%, but it declined to 45.98% on Tuesday.
- Ripple's capitalization has exceeded $ 29 billion.
Experts note that this price surge is similar to the one demonstrated by the sensational shares of GameStop last week.
On Saturday, it is known that a group called Buy & Hold XRP was created on Telegram, whose number of participants reached more than 200 thousand people. Therefore, the community was forced to switch to the official channel, since the number of subscribers continued to grow.
A similar growth spurt also occurred in the Dogecoin cryptocurrency last week. During the day, its growth exceeded 500%. On January 28, the price increased by 250%, and by the beginning of the European session on January 29, the daily growth was 530.41%.
Kenetic Capital, a Hong Kong-based company, has blamed interest from traditional Crypto-Pump groups that are joining together to create a WallStreetBets-style crowd on the Reddit forum, as the reasons for such surges in digital currencies.
However, such pump tactics are not new to the cryptocurrency market. More so, it is not yet clear how long the members of the Buy & Hold XRP group will actually hold the cryptocurrency.
Meanwhile, the price of XRP/USD broke through the level of 0.5564, but failed to consolidate above it, although it was currently approaching the resistance level of 0.7784 (high of November 24, 2020). To overcome the 0.7784 mark, a strong buyer advantage is necessary. And since the supporters of Buy & Hold XRP lacked strength, XRP/USD reversed, even before reaching the upper limit of the technical range of 0.5564-0.7784.
