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In hindsight, calling the Reddit-initiated rally a ‘rebellion against existing financial establishments’ hardly does its symbolism justice. The decade-long frustration towards the opaque capital markets that endorse ruthless ‘elitism’ erupted like a volcano. The explosive energy has sent many ‘underdog’ stocks soaring at astronomical rates. In the crypto space, notwithstanding its recent regulatory controversy, XRP posted its largest gain in three years, with its price jumping over 100% since Saturday, Jan. 30, and momentarily breaking the $0.60 mark. Could the Ripple effect emulate GameStop’s recent short squeeze?
All eyes are on XRP now. The Reddit-based day trader ‘alliance’ is plotting another coordinated buying attack to propel XRP to the moon, reportedly at 13:30 UTC on Feb. 1. The previous episode in the crypto space targeted Dogecoin, whose price saw a 980% pump before money started flowing into XRP, resulting in an immediate 68% retracement in Doge. Is the current XRP rally another pump-and-dump scheme, or is there in fact a rising demand? It is probably wise to hit ‘pause’ amid frantic FOMO and ask these crucial questions, considering the impending lawsuit with the U.S. SEC.
On a side note, there have been massive inflows of USDC to exchanges this year, which, according to Glassnode CTO Rafael Schltze-Kraft, implies potential dry powder waiting on the sideline. Go figure.