XRP experienced “pump and dump” move as of late as the Wall Street Bets craze took a grasp on the market with many retail investors targeted DOGE and XRP at first. XRP saw slow momentum at first but the rumors of the pump and dump move, made retail buyers abandon ship so let’s read more in our latest Ripple XRP news.
XRP’s price rocketed from the upper $0.20 region as XRP experienced a new high of $0.75 overnight before it crashed. One trader noted that this rally is a perfect example of a pump for whales who are trying to exit in light of the recent SEC lawsuit. XRP was one of the worst-performing altcoins in 2021 especially after the news on the SEC lawsuit emerged and started a huge selloff that led the token to lows of $0.17. The price action in the time since was lackluster and gained massive momentum later over the past few days which erased all of the losses.
One trader called this a final exit pump for the whales and noted that the profits from XRP will roll over in the cryptocurrencies in the near-term. At the time of writing, XRP was down by 11% with a current price of $0.44. The cryptocurrency surged to new highs of $0.75 before losing momentum thanks to the massive decline that sent the coin down by 50%. The price recovered a little in the time since but the bears were in control as the price struggles to gain more momentum. It remains unclear whether or not the retail buyers and the member of the Telegram group will be able to launch another round of gains or will the coin continue dropping from here.
One analyst believes that this will be the final exit pump which ends as large whales are taking it as a chance to get out of XRP. It seems that this case suggests larger holders are exiting their positions at $0.75:
“So many whales bag-holding XRP, one exit pump was not enough, they needed two. Nevertheless, a lot of money is about to flow into big-caps as soon as it’s over.”
The upcoming few days will give us some more insight into how strong the army of retail investors that join the market is.
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