XRP price underwent a strong 86% breakout in the early trading hours on January 30, as the fourth-ranked cryptocurrency by market cap became the new focus coin in the r / Wallstreetbets cryptocurrency-focused off-shoot r / Satoshistreetbets.
It looks like last week’s antics, which saw r / Wallstreetbets pumping GameStop, AMC and Dogecoin (DOGE), have passed over the weekend as Stellar (XLM) also saw its price level along with XRP.
After collecting more than 800%, the DOGE price is now Down 71% from the recent record level from $ 0.078 on Jan. 29. Data from TheTIE also shows that the rise in XRP price coincided with a drastic jump in tweet volume.
Stellar (XLM) has also received some attention from r / Satoshistreetbets, resulting in a 64% price increase on January 27, pushing XLM’s price up to $ 0.38 before correcting to its current value of $ 0.318.
XRP’s legal troubles could put pressure on the rally
In recent months, XRP price has been hit hard as a result of a lawsuit filed against Ripple by the US Securities Exchange Commission (SEC). The SEC alleges the company is running an ongoing illegal securities offering as Ripple continues to periodically sell XRP tokens from its treasury.
Ripple recently submitted a Freedom of Information Act petition with the SEC to seek documents pertaining to Ethereum co-founders.
The company wants to know why Ether (ETH) is not considered a safeguard, saying the government agency “has clearly picked two winners and ignored a growing and robust industry much larger than Bitcoin and Ether.”