The XRP price underwent a strong 86% eruption in the early trading hours on January 30, as the fourth ranking of the cryptocurrency according to market capitalization the new coin in the r / Wallstreetbets cryptocurrency-focused off-shoot r / Satoshistreetbets has become.
Data from Cointelegraph Markets and TradingView show that XRP rose from $ 0.28 to a high of $ 0.51 before profit selling pulled the price back to $ 0.41.
It appears that the antics of the past week that caused r / Wallstreetbets GameStop, AMC and Dogecoin (DOGE) to pump over the weekend, as Stellar (XLM) also saw its price pump along with XRP.
After rising more than 800%, the DOGE price is now 71% lower than the recent high of $ 0.078 on January 29th. Data from TheTIE also show that the march in the XRP price coincided with a drastic jump in the tweet volume.
Stellar (XLM) also received some attention from r / Satoshistreetbets, which resulted in a price increase of 64% on 27 January. The price of XLM rose to $ 0.38 before being adjusted to its current value of $ 0.318.
XRP’s legal problems could put a damper on the protest
Over the past few months, the XRP price has been hit hard as a result of a lawsuit filed by the U.S. Securities Exchange Commission (SEC) against Ripple. The SEC claims that the company is making an ongoing illegal security offering as Ripple continues to sell XRP tokens from the treasury.
Ripple recently submitted a request to the Freedom of Information Act to the SEC for documents regarding co-founders of Ethereum.
The company claims to know why Ether (ETH) is not considered a security and said the government body “clearly chose two winners and ignores a growing and robust industry much larger than Bitcoin and Ether.”