In a coordinated buying attack, XRP posted the biggest single-day gain in 3 yea

[Cordillerabit]

"Jehan Chu, co-founder and managing partner at Kenetic Capital, told CoinDesk, 'Traditional Crypto-Pump groups are being copied and legitimized by WallStreetBets.'

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

 According to CoinDesk 20 data, the crypto currency jumped 56 percent to $0.50944 to hit the highest level since Dec. 22. That was the biggest single-day percentage gain since Dec. 21, 2017.

 Members of a Telegram-based group called Buy & Hold XRP (+44.02 percent) (t.me/pumpxrp), which came into existence on Saturday, probably fueled the double-digit price increase. Within the first 24 hours, the membership of the group reached Telegram's 200,000 ceiling, forcing a migration to a new official channel with a similar title but a different link (t.me/pumpxrpofficial).

 "WallStreetBets-style crowd-pumps are copying and legitimizing traditional Crypto-Pump groups and are now turning their burning gaze from dogecoin (DOGE, +37.76 percent) to XRP," said Jehan Chu, co-founder and managing partner at Kenetic Capital, based in Hong Kong, to CoinDesk.

 In crypto, especially for XRP, which has a strong army of followers, classic pump and dump tactics are not new. 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.

 XRP switches hands for almost $0.45 at press time. A significant chunk of the drop from $0.55 to $0.20 observed following the U.S. has been erased by the price increase. In late December, the Securities and Exchange Commission brought a lawsuit against Ripple Labs.

Source: Bityard