XRP jumped above $0.58 for the first time since 17 December 2020 after the Reddit-based XRP Pump discussions increased significantly during the last few days. XRP is now the third most valuable cryptocurrency in the world with a market cap of more than $26 billion.
The digital currency caught the attention of r/SatoshiStreetBets, a crypto-focused Reddit group. The group started discussing XRP and a huge demand from retail investors caused a massive jump in price. The cryptocurrency jumped from $0.28 to $0.58 within the last 2 days.
A similar trend was followed in the price of Dogecoin (DOGE) when r/WallStreetBets and r/SatoshiStreetbets started posting about the cryptocurrency. Doge jumped as much as 900% in less than 24 hours and entered the top 10 cryptocurrencies.
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XRP has erased all losses caused by the SEC’s lawsuit against Ripple in December 2020. The SEC alleged Ripple Labs and its two executives for selling unlicensed securities in the form of XRP. The cryptocurrency crashed more than 70% following the news. The recent addition of nearly $13 billion in XRP’s market cap means that the digital currency is at the same level before the SEC’s action.
XRP, Ripple and Reddit
The crypto asset is getting massive support from retail traders on Reddit. XRP is the new trend on r/WallStreetBets and r/SatoshiStreetBets. Finance Magnates earlier reported about Ripple’s official response to the SEC’s allegations. The company mentioned that the US Department of Justice (DOJ) and FinCEN recognized XRP as a virtual currency. “Our defense begins today. Innovation is on trial, and we stand shoulder to shoulder with our partners & the community to defend it. Together, with appropriate regulatory oversight, we can modernize outdated laws that clearly aren’t working to protect consumers and ensure orderly markets,” Ripple CEO Brad Garlinghouse said in a tweet.
The overall market cap of cryptocurrencies now stands at around $1 trillion. As of writing, XRP is trading above $0.57 with a market cap of around $26.5 billion.