Reddit Targets XRP, Cryptocurrency Jumps 100%

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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

XRP has erased all losses caused by the SEC’s lawsuit against Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term 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 reported earlier 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.