Monday, March 8, 2021
Only Bitcoin Market News
Advertisement
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
Only Bitcoin Market News
No Result
View All Result

XRP Posted Biggest Single-Day Gain in 3 Years in a Coordinated Buying Attack –

1 month ago
in Cryptos
2 min read
XRP Posted Biggest Single-Day Gain in 3 Years in a Coordinated Buying Attack –
Share on FacebookShare on Twitter


XRP rallied hard on Saturday in a move similar to a crowd pump recently observed in out-of-favor stocks such as GameStop. 

The cryptocurrency jumped 56% to $0.50944 to hit the highest level since Dec. 22, according to CoinDesk 20 data. That was the biggest single-day percentage gain since Dec. 21, 2017. 

The double-digit price rise was likely fueled by members of a Telegram-based group called Buy & Hold XRP (t.me/pumpxrp), which came into existence on Saturday. The group’s membership hit Telegram’s 200,000 ceiling within the first 24 hours, forcing a migration to a new official channel with a similar title but a different link (t.me/pumpxrpofficial).

“Traditional Crypto-Pump groups are being copied and legitimized by WallStreetBets-style crowd-pumps, and are now turning their burning gaze from dogecoin to XRP,” Jehan Chu, co-founder and managing partner at Hong Kong-based Kenetic Capital, told CoinDesk. 

Classic pump and dump tactics are not new to crypto, particularly for XRP, which has a strong army of followers. However, their morale may have been boosted by a group of amateur day traders based on a Reddit forum called WallStreetBets, who recently launched a coordinated buying attack on the video game retailer Gamestop, triggering a short squeeze and inflicting heavy losses for hedge funds. 

Short-squeeze target GameStop (GME) surged nearly 400% last week, extending the preceding week’s 83% rise and attracting unwanted attention from regulators. Meanwhile, the meme-based cryptocurrency dogecoin surged 800% a day before XRP’s price pump. The data suggests the crowd buying tactics are returning to their home turf, having democratized the legacy markets. 

It remains to be seen if the Buy & Hold XRP group members remain faithful to the group’s title by holding the cryptocurrency. 

At press time, XRP is changing hands near $0.45. The price rise has erased a significant chunk of the plunge from $0.55 to $0.20 observed following the U.S. Securities and Exchange Commission’s filing a lawsuit against Ripple Labs in late December. 



Read more:XRP Posted Biggest Single-Day Gain in 3 Years in a Coordinated Buying Attack –

Related articles

George Ball Says Crypto Is Effective Hedge Against Currency Debasement as US Passes

George Ball Says Crypto Is Effective Hedge Against Currency Debasement as US Passes

March 8, 2021
FM’s push for ‘calibrated’ approach on crypto trading calms frayed nerves

FM’s push for ‘calibrated’ approach on crypto trading calms frayed nerves

March 7, 2021
Tags: AttackBiggestbitcoin news todayBuyingCoordinatedgainPostedSingleDayXRPyears

Related Posts

George Ball Says Crypto Is Effective Hedge Against Currency Debasement as US Passes

George Ball Says Crypto Is Effective Hedge Against Currency Debasement as US Passes

by Bitcoin Market
March 8, 2021
0

The chairman of investment firm Sanders Morris Harris, George Ball, says cryptocurrencies are an effective hedge against currency debasement....

FM’s push for ‘calibrated’ approach on crypto trading calms frayed nerves

FM’s push for ‘calibrated’ approach on crypto trading calms frayed nerves

by Bitcoin Market
March 7, 2021
0

Finance minister Nirmala Sitharaman's statement that India will take a “calibrated" approach on crypto trading has calmed frayed nerves...

Operation Hidden Treasure Is Here. If You Have Unreported Crypto, Get Legal Advice

Operation Hidden Treasure Is Here. If You Have Unreported Crypto, Get Legal Advice

by Bitcoin Market
March 7, 2021
0

Damon Rowe, the Director of the Office of Fraud Enforcement at the Internal Revenue Service announced yesterday at a...

Forget Crypto: These Growth Stocks Will Make You Richer | The Motley Fool

Forget Crypto: These Growth Stocks Will Make You Richer | The Motley Fool

by Bitcoin Market
March 6, 2021
0

For nearly a full year, the stock market has been in all-out rally mode. The tech-heavy Nasdaq Composite and...

Crypto Waves: Next BTC Buying Opportunity (Cryptocurrency:BTC-USD)

Crypto Waves: Next BTC Buying Opportunity (Cryptocurrency:BTC-USD)

by Bitcoin Market
March 6, 2021
0

Surfing The Crypto Waves: The Next BTC Buying Opportunity Seeking Alpha Read more:Crypto Waves: Next BTC Buying Opportunity...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

June 8, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
5 Cryptocurrency Staking Providers – A Review | Hacker Noon

5 Cryptocurrency Staking Providers – A Review | Hacker Noon

January 30, 2021
North America’s first bitcoin ETF launches in Canada today

North America’s first bitcoin ETF launches in Canada today

February 18, 2021
Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

February 18, 2021
The number of BTC held on exchanges crashed 20% in 12 months

The number of BTC held on exchanges crashed 20% in 12 months

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
The number of BTC held on exchanges crashed 20% in 12 months

The number of BTC held on exchanges crashed 20% in 12 months

March 8, 2021
Down the Bitcoin Funnel: The Tech Firms Driving Investors to Ruin with Fake Celebrity

Down the Bitcoin Funnel: The Tech Firms Driving Investors to Ruin with Fake Celebrity

March 8, 2021
Bitcoin breaks above $51k amid optimism for new highs

Bitcoin breaks above $51k amid optimism for new highs

March 8, 2021
Here’s why Saudi Arabia is no longer worried about shale oil | MoneyWeek

Here’s why Saudi Arabia is no longer worried about shale oil | MoneyWeek

March 8, 2021
Norway-Listed Aker to Put 100% Bitcoin in Treasury Reserves of New Investment Unit

Norway-Listed Aker to Put 100% Bitcoin in Treasury Reserves of New Investment Unit

March 8, 2021
Gold, Bitcoin and the Elon effect!

Gold, Bitcoin and the Elon effect!

March 8, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • bitcoinBitcoin(BTC)$50,325.00-0.80%
  • bitcoin-cashBitcoin Cash(BCH)$507.58-0.44%
  • binance-coinBinance Coin(BNB)$233.37-2.41%
  • bitcoin-goldBitcoin Gold(BTG)$28.82-1.30%
  • bitcoin-privateBitcoin Private(BTCP)$0.162-46.98%
  • blocktixBlocktix(TIX)$0.0140.00%