XRP Crashes Massively Despite Community Effort to Break Resistance Levels

By José Oramas February 02, 2021 In Crypto News, Markets, Ripple, Trading

XRP, Australia’s second favorite digital asset, surged more than 60% in the last few days. The currency even reached trading levels as high as 0.75 on Saturday, although the pump didn’t last long. On Monday 1st, XRP crashed nearly -50% in price.

XRP Supporters and Reddit Joined Forces

In a similar move called Crowd Pump, around 200,000 XRP supporters from Telegram groups and the Reddit forum r/SatoshiStreetBets gathered and placed several buying orders aiming to break resistance levels. The move had outstanding effects as it broke the previous downtrend following the Security and Exchange Commission —SEC—, trading at a maximum of $0.75 before dropping to $0.60.

The drop didn’t stop at 0.60, and recent data from TradingView shows how XRP crashed more than 40% this Monday, just hours before another Reddit group jumped in, the r/WallStreetBets forum, currently hated by hedge funds.

Source: TradingView

There is not an exact reason why the XRP market crash so suddenly, but most XRP users from both Telegram groups and Reddit are blaming downtimes in exchanges and possible interventions since the r/WallStreetBets community came in.


Another reason could be the backlash and the legal woes that Ripple still faces, as the company tries to drag Ethereum in an attempt to call out other high-profile cryptocurrencies.

XRP to Lose $50M in Trading Volume

Likewise, yet another exchange is delisting two Ripple trading pairs: XRP/USD, and XRP/BTC. The latest platform to delist XRP is PrimeXBT, a derivative crypto-exchange. As consequence, Ripple could lose more than $50M in trading volume in the platform.

In a recent announcement, the PrimeXBT stated:

Following significant events surrounding Ripple, as well as delisting of the asset across our multiple liquidity providers, PrimeXBT will remove and cease trading of the following trading pairs on Wednesday, February 10th, 2021 at 15:00 (UTC):

José Oramas

José Oramas

José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.

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