The XRP price had a sharp 86% break in the first hours of trading on January 30th, when cryptocurrency in fourth place by market capitalization became the new focus currency on r / Wallstreetbets cryptocurrency focused on r / Satoshistreetbets.
Data from Cointelegraph Markets and TradingView show that the XRP rose from $ 0.28 to a peak of $ 0.51, before the profitable sale pulled the price back to $ 0.41.
It appears that last week’s antics, which saw r / Wallstreetbets pump GameStop, AMC and Dogecoin (DOGE), were carried over for the weekend as Stellar (XLM) also saw its price bomb in conjunction with XRP.
After rising more than 800%, the DOGE price fell 71% from its historic record of $ 0.078 on January 29. TheTIE data also shows that the rise in the XRP price coincided with a dramatic jump in tweet volume.
Stellar (XLM) also received some attention from r / Satoshistreetbets, resulting in a 64% price increase on January 27, which saw the XLM price reach $ 0.38 before being corrected to its current US value. $ 0.318.
XRP’s legal problems can hamper the rally
In the past few months, the price of XRP has been hit hard due to a lawsuit filed against Ripple by the US Securities Exchange Commission (SEC). The SEC claims that the company is conducting an ongoing illegal bond offering, as Ripple still periodically sells XRP tokens from the treasury.
Ripple recently filed for Freedom of Information Act with the SEC, seeking documents relating to Ethereum’s co-founders.
The company is demanding to know why Ether (ETH) is not considered a security guard and said the government agency “clearly chose two winners and ignored a growing and robust industry that is much bigger than Bitcoin and Ether”.