XRP is presently enjoying a massive bull run after the involvement of the renowned Reddit investing group, WallStreetBets. Before this rally, the digital asset has seen what would be described as a funny market on the back of the recent SEC lawsuit.
Even though the SEC’s lawsuit is still very much in play, the digital asset has had to endure several market actions that have seen it make massive declines until now. This latest surge in the remittance coin is coming on the back of a recent surge in Dogecoin, which was also triggered by the same set of people responsible for the surge of XRP.
XRP is currently in a price correction stage
The digital asset became the headline of the market after a massive breakout that saw the digital asset touch levels that it had not touched in the last few months. As it stands now, the WallStreetsBets group is now focusing on the fourth digital asset according to market capitalization after a recent comment by the group said, “let’s shoot it up.”
In a plain explanation, the group meant that they were prepared to shoot up the digital asset price by inducing market action. Going by details of the recent rally of TradingView, an analysis website, XRP left the shores of its recent trading price mark of $0.28 to move close to the $0.50 region. It was not long before the market had to endure the bears slightly taking over in what would be described as a market correction to trade around $0.40.
With the way things are going, it looks like what the group is doing to pump up XRP is working. That same move has seen the group pump up assets like GameStop, AMC, and Dogecoin in the past few weeks. Reacting to the massive rise in the price of XRP was Stellar Lumens, as the asset saw a slight bullish run.
Bears take over Dogecoin market
On its part, Dogecoin has seen a massive price decline of almost 70% in the last few hours to cement the place of the bears in the market. The bulls could push out the bears earlier as the digital asset saw a massive price move to record profits worth about 800%. Presently, the price declined as it had fallen rapidly from the previous all-time high that it was recorded on January 29, when the bulls were still active.
Another analysis firm had also confirmed that the recent surge in the price of XRP came when the number of tweets about the digital asset went high. Despite XRP enjoying the most in the market at present, there are still fears that the digital asset might see the bears run in anytime soon.
According to analysts, the lawsuit with the SEC would be a major trigger that would see the price of the digital asset plunge even with the backing of WallStreetBets. In the latest update on the lawsuit, Ripple asked the SEC to provide them with proofs beyond doubt as they want to understand why the second digital asset according to market cap cannot be seen as securities.