XRP’s price crashed by over 40% as the traders’ pump attempt failed to push it above $1
The XRP community embarked on a coordinated attack to pump the cryptocurrency’s price higher. However, the pump only lasted for a few days, with XRP briefly reaching the $0.75 mark before losing momentum and crashing down.
The coordinated attack came following a similar move by Reddit members on the GameStop stock, pushing the stock to a new all-time high in the process. A telegram group of over 200,000 members called “Buy & Hold XRP” was created towards the end of last week to push the cryptocurrency to higher resistance levels.
XRP surged by more than 115% following the retail investors’ efforts, with the cryptocurrency erasing the losses recorded after the SEC lawsuit debacle. However, the group lost momentum, and the cryptocurrency crashed by more than 40%, currently trading at $0.37 per coin.
After reaching a new yearly high, some traders bought XRP in anticipation of a price pump, pushing the price higher. However, the traders are now on the wrong side after XRP sustained massive losses to return to its previous price level.
The Telegram group is still active, with some traders there blaming exchange downtimes for the price drop. XRP momentarily reclaimed its third place in the market following the attempted pump price by the community. However, it has lost its third place to Tether (USDT), while Polkadot (DOT) is closing in on XRP’s market cap.
XRP has been the fallout cryptocurrency since the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and two of its executives for issuing and selling an unregistered security. The cryptocurrency has since struggled to reach the $0.5 mark as several exchanges delisted it to avoid sanctions from regulatory agencies.
Another cryptocurrency that enjoyed the recent coordinated rally from investors is Dogecoin (DOGE). The cryptocurrency surged by more than 1000% to reach a high of $0.0884 last week. Its rally briefly saw it enter the top ten list in terms of market cap. However, it has since lost steam, and it is currently trading at $0.03394 at the time of writing. Despite its decline, DOGE is still up by 310% over the past seven days, making it one of the best-performing cryptocurrencies last month.
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