Ripple (XRP) soars (+111%) … and tumbles again, for some obscure reason

Pump… and dump? – The nightmare continues for XRP issued by Ripple Labs. While his legal troubles with the Securities and Exchange Commission (SEC) are still ongoing, the interbank token is being pumper like any vulgar shitcoin, by a group of coordinated buyers on Telegram.

XRP goes on an artificial moon with Dogecoin

After parody and friendly Dogecoin (DOGE) the famous shiba is now the token XRP of Ripple who seems to enjoy (victim?) A pump artificial , related to the movement WallStreetBets .

Indeed, over the past 24 hours, the price of XRP has suddenly taken off from around $ 0.40 to around $ 0.56 at the time of this writing, after peaking at $ 0.75 .

As Larry Cermak , director of research at crypto-media The Block, points out, this sudden surge seems anything but natural:

“XRP is being pumped by a pump and dump group on Telegram (…) The same thing happened to TRX (Tron) yesterday, and the pump was fixed very quickly. Either way, be careful. “

Ripple on the defensive to protect its XRP

This artificial course swelling initiative seems to surf the filing of a request Ripple January 29, to refute the allegations of the SEC regarding the classification of the token XRP as security (securities) .

To defend itself, Riple Labs explains that:

“The functionality and liquidity of XRP are completely incompatible with securities regulations. To require that XRP be registered as a security is to undermine its primary purpose. This utility depends on the near instantaneous and transparent settlement of XRP (…) to treat XRP as a securities would be to subject thousands of crypto-exchanges and other players in the gigantic digital currency market to long, complex and costly regulatory requirements (…) „

Suffice to say that if the classification of XRP as a security were to be confirmed , it will be the beginning of the end for the Ripple project.

The future chairman of the SEC, Gary Gensler , will have to decide. He will hope that he has changed his views since 2018, as it was also particularly regarded as the XRP a value mobile st unregistered e .