XRP rallied relentlessly on Saturday in a move looking a lot like the recently observed bull run in favour of the GameStop stocks.
The cryptocurrency jumped 58% to $0.50964 to hit its highest price rate since December 22. That was the biggest single-day percentage increase since December 21, 2017.
The double-digit rate increase was undoubtedly fuelled by members of a Telegram group called Buy & Hold XRP (t.me/pumpxrp), which was created only on Saturday. The group’s participation hit Telegram’s 200,000 members upper limit within the first 24 hours of its creation, forcing a migration to a new group with a comparable title but a different access link (t.me/pumpxrpofficial).
The mentioned inflate and sell tactics are not new to the crypto sphere, especially for XRP, which has a strong base of supporters. Nonetheless, their determination may have been enhanced by a group of amateur day traders established on a Reddit page called WallStreetBets. They recently unleashed a coordinated buying attack on the stocks of the video game vendor Gamestop, prompting a short squeeze and imposing heavy losses on prominent Wall-Street hedge funds.
The Short-squeeze target GME stocks rocketed nearly 400% last week, expanding the previous week’s 83% increase and attracting unwelcome attention from regulatory and financial elites. In the meantime, the meme-inspired cryptocurrency Dogecoin rose 800% just a day prior to the XRP’s price rally. These developments suggest the swarm buying tactics are now creating new conditions of operation on the financial markets, turning well established Wall Street practices against their ordinary culprits.
