Embattled cryptocurrency XRP has experienced a surprising price surge on Saturday.
The cryptocurrency’s price reached $0.50944, increasing by 56% to set a record of the biggest single-day percentage gain since December 21, 2017.
There are speculations that the members of a Telegram group named Buy and Hold XRP influenced the price rally.
They are presumed to be using the ‘pump’ tactics employed by the WallStreetBets traders that heavily bought the shares of the struggling GameStop company, and drove its shares to value up by a whopping 1,587% since January.
Pump is when individuals purchase large quantities of a cryptocurrency to increase the price and demand the particular crypto.
The Buy and Hold XRP Telegram group reached the member limit of 200,000 set by Telegram within 24 hours. A second group with the same name was created to accommodate the overflow of XRP fans from the first group.
The Director of research at blockchain and crypto news site The Block, Larry Cermak confirmed this in his tweet where he said “XRP is being pumped by basically a pump and dump Telegram group and is up more than 50% in the last 45 minutes.”
The current price of bitcoin is $34,461.12, climbing up by 2.65% in the last 24 hours. Bitcoin has a current market cap of $641.52B and market volume of $48.89B. In the last 24 hours, bitcoin has dropped to $32,229.55 and experienced a $34,715.66 high. Currently, 18,616,218.75 bitcoins are in circulation.
Stats and Image from Coin Desk
XRP has so far been badly affected since the SEC filed a lawsuit against its parent company Ripple, alleging it sold unregistered securities to the public illegally.
Many crypto exchanges have delisted XRP from trading on its platform following the news, making the price submerge to $0.20 from $0.5.
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