XRP price shot up to the sky with a massive pump over the weekend
The price surged after a Telegram group organized a pump and dump scheduled on 01 Feb 2021
The price is expected to touch $1 if the strong resistance at $0.8 is broken in the coming hours
Xrp Price Jumps Amid Coinbase Delisting and SEC Lawsuit
The XRP price initiated its long jump in a couple of days before when a telegram group announced the XRP pump event. The group of more than 140K members are said to be behind the massive surge that bought back the asset to the top 3.
The coming hour may be the most crucial phase for the XRP price as it is on the verge to test the strong resistance at $0.82. Once the price breaks the upper resistance levels, attaining $1 will be imminent.
However, according to analysts, Galaxy, there are many XRP whales who are holding the asset and eagerly waiting for an exit pump. He further said that at the end of the bull run, a lot of money is expected to flow into big-caps.
The Pump Is Massive and So the Dump Might Be!
The XRP pump mirrored the recent Dogecoin pump which surged more than 800% in just a couple of hours. Later, the asset fell drastically from $0.08 and currently trading around $0.03. Therefore some of the crypto masses expect a similar dump awaited at the end of the rally.
One of the popular crypto analysts, Micheal van de Poppe, has predicted that more than 95% of the people will lose money on it. So it happened, the bull rally which was about to hit the upper resistance, dropped steeply below $0.6 levels.
However, the price appears to have managed the trembled situation by outpowering the bears who might have closed their positions which led to the drop. Collectively, the XRP price is still above $0.5 and attempting very hard to sustain at these levels. And hence the path towards $1 is still on the way.