The volatility in the markets continues, driven by the ideas of Wall Street Bets, yesterday it was Ripple that benefited, and today the gains continue.
At the time of this writing XRP is trading at $ 0.4926, accumulating a gain of 52.86% in the last 24 hours.
What happened to Ripple and Wall Street Bets
The r / WallStreetBets user antics have been spreading, and it’s not just with GameStop or Doge anymore.
Yesterday 2 cryptocurrencies benefited, Ripple and Stellar, after a side of the subreddit that has been causing a commotion on Wall Street decided to pump these assets as well.
The forum that has been causing volatility in Ripple’s price is not exactly the original Wall Street Bets. It is one specifically focused on the crypto ecosystem, whose name is r / Satoshistreetbets. This forum already has more than 200,000 users and a remarkable great power of influence over the market.
After yesterday’s focus shifting from pumping to DOGE and migrating to XRP, the price of XRP jumped to 86% in a matter of a few hours. It went from $ 0.28 to a daily peak of $ 0.51.
The euphoria over this cryptocurrency was also noted on Twitter, as there was a drastic increase in the volume of tweets regarding the subject.
Despite the fact that after this Ripple began a rapid correction as a result of taking profits, today the excitement seems to continue and at the moment there are no signs of exhaustion.
Is the climb starting?
Due to the strong legal problems that Ripple has been embroiled in for the past few months, we wonder if the Wall Street Bets effect will be able to spread.
Despite how artificial a pump like the current one is, the money is still there and we do not know how long it will stay.
What we can do is observe the price action, and observe what it tells us that could happen next.
Even though we think that the pumping happens by magic and in a random place, when we look at the daily chart we notice that the momentum started at a very good point.
The right momentum confirmed an inverted Shoulder Head Shoulder that warned us of a possible change in trend.
Today the price is making momentum, and although it still shows no signs of exhaustion, it could soon initiate a correction. After the pullback, the odds will remain bullish, at least for the short term.
All our publications are informative in nature, so in no case should they be followed as investment advice.