Altcoins News

50% increase in Ripple price by a group of pumps and dumpers in Telegram: After Dogecoin, it is Ripple’s turn!

After the record price of Chainlink, the growth of Bitcoin price and the sharp pump of Dodge Coin price, Ripple price was able to grow about 50% in the last 24 hours. Many believe that the rise in the price of Ripple, like the Dogecoin Pompeii, was intentional.

To Report Despite the lawsuit filed by Ripple and the US Securities and Exchange Commission (SEC), the price of Ripple has experienced significant growth since the beginning of this year.

In December last year, the US Securities and Exchange Commission announced that it had sued Ripple over the unauthorized sale of unregistered securities. After this incident, the price of Ripple fell sharply, and many exchange offices removed this digital currency from their list of currencies. Finally, we saw a 63% drop in the value of the Ripple market.

The first signs of hope for the future of Ripple showed when the price of this digital currency jumped by 30% in the first week of 2021. During the jump, the Ripple price rose about 50 percent to $ 0.51; About forty minutes after this price increase, we saw a slight correction and reached $ 0.39. The Ripple is currently trading in the $ 0.41 range, up 43 percent from the previous 24 hours.

Larry Cermak, director of research at The Block, questioned the incident and compared it to GameStop سهام stock flows. He tweeted:

The increase in the price of Ripple is a pump and dump that originates from a telegram group. The price of Ripple has increased by 50% in the last 24 hours.

The rise in Ripple’s price came a day before the company filed a lawsuit in response to a complaint from the US Securities and Exchange Commission. In these documents, the use of Ripple as a value-creating factor is mentioned. In some of the Ripple documents we read:

The performance and liquidity of XRP tokens are generally inconsistent with US Securities and Exchange Commission legislation. To meet the requirements of XRP as a security, its use must be impaired.

Ripple states in its 93-page document submitted to the court that XRP is open source and its price is calculated in the same way as the price of Ethereum and the price of Bitcoin. Ripple has also sent a “freedom of information” request to the Securities and Exchange Commission. According to the letter, the commission is obliged to say why it does not consider bitcoin and Ethereum as securities.

Dean Steinbeck, chief executive of Horizen Lab, said in an interview:

The Securities and Exchange Commission filed the lawsuit eight years after the creation of XRP. How are companies supposed to have legal transparency, when the commission has been suing for 8 years? In addition, Ripple rightly points out that [کمیسیون بورس آمریکا] He closes his eyes on the Ethereum. Ethereum has clearly been an illegal offering of securities. This clearly shows that the Securities and Exchange Commission selects the winner and the loser. This is unfair, and I think Congress should stop the stock market commission.

He added:

One thing we have learned from the US Securities and Exchange Commission’s lawsuits is that in cases involving large companies such as Ripple, they end up with a small penalty compared to the $ 1.3 billion supply of unregistered securities. .

It is too early to determine the winner of this case, but what can be seen is that Ripple is determined to confront the US Stock Exchange Commission.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button