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XRP Price Shots Up by 70% Breaking $0.5, Pump-Dump Or Rise in Demand?

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XRP Price has pumped over 70% in the last hour, taking its price from $0.28 to near $0.5 mark for the first time since the SEC filed a lawsuit against Ripple. The price rise is suspected to be a pump driven by a Telegram group, helping the altcoin to finally overcome the $0.30 price barrier.

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Is this Rise in XRP price a Pump-Dump?

Many in the crypto-verse raised suspicion about possible news with no other reason in sight for the pump.  TRON (TRX) rose quite similar to XRP yesterday owing to the similar pump owing to another Telegram group.

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The frenzy about pumping small stocks began with GameStop when a Reddit group shot squeezed the GME stock to rise above $450.

Justin Sun, the founder of the Tron group took to Twitter to announce that he would buy 1 million GME stock followed by a pump in TRX price. Later it was revealed that thr pump was artificially created by a Telegram group probably trying to emulate the wallstreetbets, the Reddit group behind GME stock pump.

TRX rose over 42% during the pump before losing nearly all its gains within an hour of the rise. Many warned people to not rush into buying XRP looking at the price while XRP fans called it a natural pump owing to Ripple’s official rebuttal to the SEC lawsuit in a court filing.

The short squeeze trend is now being used by Telegram groups to pump the price followed by a dump. This, many have warned against investing in such crypto assets that are being pumped artificially.

Though many known traders are defending the XRP price rise, the crypto community seems to be divided into two groups. Many known crypto traders are defending the XRP price as much awaited jump rather than a planned pump.

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What do you think, is this a planned pump?

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Ripple CEO Claims Ether Surpassed XRP Because of SEC

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Ether took XRP’s second spot because of the SEC, says Ripple CEO Brad Garlinghouse

During his appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse opined that the regulatory clarity that Ether, the second-biggest crypto, has received from the U.S. Securities and Exchange Commission allowed it to surpass XRP:

Within the last few years, XRP was the second most valuable digital asset. As it became given that the SEC had given a hall pass to ETH, ETH has obviously kind of exploded…That clarity has helped.

Garlinghouse adds that market forces are supposed to determine winners and losers instead of regulators.   

In December 2017, XRP became the second-largest crypto but it has since slipped to seventh place.

Ether is now firmly in second place, with its market cap recently surpassing that of banking giant JPMorgan.

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Garlinghouse slammed Gary Gensler for refusing to answer whether the rival cryptocurrency is a security, adding that the existing securities laws are outdated:

If laws are so clear, then let’s just say the answer to these questions.

He also praised “Twitter sleuths” who are busy dissecting the SEC’s case against Ripple.

The Ripple boss has reiterated his oft-repeated claim about the lack of clarity in the U.S. He also said that the company had signed zero new customers in the States due to regulatory headwinds, but this didn’t stop the company from expanding worldwide:   

We are growing a lot more outside the United States.     

China’s hostile stance toward crypto also doesn’t make a lot of sense in the long run, according to Garlinghouse.

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Here’s how Ripple is expanding its footprint in Asia Pacific

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Ripple is partnering with another company in Singapore to expand its services for cross-border payments in the Asia Pacific. The new partnership is aimed at expanding RippleNet’s footprint in the region by offering the fundamental infrastructures for cross-border payments for banks.

Ripple had a plan to acquire a 40% stake in Tranglo company, and the new partnership follows that intention. The first country to receive the results of the new partnership in the Philippines, and new corridors will be launched after that.

Providing the Structure for Cross-Border Payments

There are many opportunities in the Asia Pacific area for companies that are solving payment challenges. Cross-border payments are among the essential needs of banks and citizens in that region because many of the people work abroad and help their companies by sending money from other countries.

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Ripple is among the most active blockchain companies that have a considerable focus on this area. The RippleNet solution has helped many big banks launch corridors for cross-border payments, and the new partnership with the Tranglo company is aimed to expand these services.

Tranglo will launch its first live On-Demand Liquidity (ODL) service on RippleNet in the Philippines in six months as the first result of the partnership with Ripple. More corridors will be introduced in the coming months. The Philippines is a very good target region for this partnership because this country is the third-largest remittance-receiving country in Asia.

Tranglo is among the best companies in East Asia, helping cross-border payments for citizens. It has supported existing RippleNet corridors in the Asia Pacific before. Companies like BKK Forex, DeeMoney, and Siam Commercial Bank use Tranglo services. These new connections help the company process more currencies in the region.

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Ripple execs believe the Singapore company can help them very well in expanding footprints in the Asia Pacific region. Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said:

“The strong traction with Tranglo in the past 6 months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia Pacific, a region which is often tricky to navigate. Tranglo’s in-depth regional experience has been extremely instrumental in expanding RippleNet in Asia Pacific, and I’m excited to see us further collaborate to scale our partnership to new heights.”

New partners using the RippleNet solution for payments means more customers for Ripple. It always has been a great goal for the company, and it seems to be working based on numerous partnerships. All of these incidents can help the XRP coin, too, by increasing the demand.

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Ripple Forecast and XRP/USD Analysis October 21, 2021

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XRP/USD are trading at 1.1307 and continue to move within the growth and bullish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $53,450,449,348. Moving averages indicate a short-term bearish trend for Ripple. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop a small correction of the asset and a test of the support level near the 1.0785 area. Further, an upward rebound and a continuation of the rise of the cryptocurrency to the area above the level of 1.2505.

Ripple Forecast and XRP/USD Analysis October 21, 2021

In favor of raising the XRP/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the bullish channel. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.9505. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.8505. Confirmation of the growth of the digital currency rate will be the breakdown of the resistance area and the closing of prices above the level of 1.2205, which will indicate a breakdown of the upper border of the downward correction channel.

Ripple Forecast and XRP/USD Analysis October 21, 2021

Ripple Forecast and XRP/USD Analysis October 21, 2021 imply an attempt to test the support level near the 1.0785 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 1.2505. An additional signal in favor of the growth of Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise quotes will be a fall and a breakdown of the 0.9505 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.8505.

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