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Ripple reviews: exactly one Pump and Dump happened on the XRP price!
The price of XRP rose hard and fell hard in 3 days.
XRP price saw exactly one pump and dump move in 3 days, first with the move of WallStreetBets and then the Ripple community. The price of XRP, which recorded a huge rise in 3 days, also fell rapidly.
After the SEC's lawsuit, XRP, which had a very difficult day and experienced a free fall after the stock market was delisted, fell from $ 0.60 to $ 0.17 and then began to consolidate in the range of $ 0.25 to $ 0.30.
After a group called WallStreetBets raised the price of Dogecoin (DOGE) with community pressure, the Ripple community also took action for XRP, and XRP rose 3 days ago and then crashed.
As can be seen from the chart, the XRP price first began to draw upward momentum from the $ 0.28 level on January 30. Then this rise made the level of $ 0.75 visible on February 1, from which point the decline began. XRP, which fell to $ 0.33 along with the drop, is currently trying to hold on to $ 0.30.
Why Did The Price Go Up, Why Did It Go Down?
Price movements, which are experienced momentarily by community pressure and see much higher levels than normal, usually result in a decrease of the same rigidity. Because with the rise, people who had received XRP from the low level started selling immediately after making a profit, and this only meant a loss for investors.
The vast majority of investors who saw the big rise in XRP and expected even higher levels to come by buying from high levels probably lost, and from time to time it can take months for these losses to turn back into gains.
Therefore, in pump and dump periods, most analysts and experienced investors should not make purchases.
The reason for the 3-day price movement in XRP was completely community orientation, and therefore a “pump and dump” movement took place.