- The Wall Street Bets phenomenon has recently taken the crypto market by storm, with an army of private investors targeting Dogecoin first before setting their sights on XRP
- XRP initially saw some slow momentum, but rumors of a “pump and dump” Telegram chat looking to push its price up, quickly circulated
- This led many traders to jump into positions hoping for a quick swing trade, which further perpetuated the movement
- The price shot up from the top region of $ 0.20 to a maximum of $ 0.75 overnight before plummeting
- A trader now notes that this meeting provided a perfect exit pump for whales looking to leave in light of the recent SEC lawsuit
XRP is one of the worst performers altcoins in 2021, with news of the SEC’s lawsuit against Ripple triggering a massive sell-off that saw the token drop from nearly $ 1.00 to lows of $ 0.17.
The price action in the time since has been rather lackluster, but it gained tremendous momentum in recent days erasing all SEC related losses.
One trader calls this a final whale exit pump, noting that the profits from XRP are likely to roll over to other cryptocurrencies in the near term.
XRP explodes higher before it collapses
At the time of writing, XRP is trading down 11% at the current price of $ 0.44.
The cryptocurrency rose to highs of $ 0.75 earlier in the day before losing momentum as it saw a massive decline that, for a short period of time, brought it down nearly 50%.
The price has since rebounded slightly, but bears are still in control as it struggles to gain momentum.
It remains unclear whether or not the army of retail buyers and members of the pump and dump Telegram group will be able to generate another round of profit or whether it will continue to plunge from here.
Analyst: Retail investors are giving whales a final exit pump
An analyst thinks this could be a final exit the pump that ends now that big whales take their chance to get out of XRP.
This appears to be the case as the intensive sale suggests that major holders have likely exited their positions at $ 0.75.
“So many whales bagged with XRP, one exit pump wasn’t enough, they needed two. Nonetheless, a lot of money is about to flow into big caps once it’s over. “
Image Courtesy of Galaxy. Source: XRPUSD on TradingView.
The coming days should shed some light on how strong the army of private investors entering the market is.
Featured image from Unsplash. Charts from TradingView.