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Ripple XRP rose by more than 30% and broke the $ 0.6 resistance ... What are the reasons for that?


 

Ripple XRP saw its biggest rally after the December 2020 crash.


Where the currency price doubled from January 27 to the moment, while the currency's price rose by 30% in the last 24 hours.


The recent rise in the price of the digital currency, Ripple, made the currency regain its position in the ranking of digital currencies in terms of total market value, as Ripple was once again behind Bitcoin, Ethereum, and Tether, after it was robbed of the rank by the digital currency DOT, which fell to the fifth place.


Reasons for the rise in the digital currency Ripple XRP:

Coordinated buying attacks are multiplying and spreading across the cryptocurrency sector, inspired by a group Reddit forum called "WallStreetBets."


Over the past week, traders have been encouraged and inspired by their strength and what they can do in the market from a group of amateur day traders who call themselves WallStreetBets (WSB), and who recently launched a coordinated buyout attack on Gamestop stock, which resulted in The pressure led to losses of hedge funds such as Melvin Capital.


With the same plan, a newly created group on Telegram would like to pressure and push the price of the digital currency Ripple higher. The planning for this was three days ago and the pressure starts today, which is among the reasons that contributed to the rise of the currency.


According to discussions on Telegram, the price of the cryptocurrency could go up today on February 1st, as this group plans a coordinated pump and afterwards there may be a dump.


Among the reasons that led to the rise of the Ripple currency are the positive feelings surrounding the announcement of Ripple, an official response to the demands of the SEC and its request in turn to provide data and information about Ethereum and how it is not considered a security.


Awaiting the response of the SEC and the upcoming trial between the two parties on February 22nd.

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