The group behind the GameStop pump, WallStreetBets, has targeted XRP as the next asset to pump. XRP price exploded by 169% to a high of $0.755 before quickly giving almost everything back in the next three hours.
In the last week, Elon Musk also tweeted his support for Bitcoin adding #Bitcoin to his Twitter bio. This also caused a massive pump on Bitcoin which also plummeted shortly after.
Bitcoin price rocket jumps by 20% as Elon Musk endorses it
After Elon Musk tweeted about Bitcoin, the digital asset jumped by 20% to a high of $38,531 before quickly plummeting down to $32,171. However, the digital asset is currently trading at $34,000 and has recovered significantly from its first dip to $28,850 on January 22.
On the daily chart, bulls have just defended the 12-EMA and the 26-EMA and are looking for a close above both. The daily chart is also close to confirming an uptrend as BTC price has established a higher low at $29,241.
Ethereum price close to a massive breakout
Ethereum price has been the calmest during this weekend and it’s currently trading at $1,328. On the 12-hour chart, the digital asset has established an equilibrium pattern with clear lower highs and higher lows.
The nearest low is formed at $1,270 while the high is at $1,436. A break of any of these two levels will lead Ethereum to a significant move in that direction. The 12-hour chart seems to favor the bulls as they have defended the 26-EMA several days in a row.
XRP price will not benefit from the pump and dump
Despite a massive jump towards $0.755, which constitutes a 169% move, XRP price will most likely not benefit at all from it. The digital asset is still under a lot of scrutiny and Ripple is still sued by the SEC.
It’s notable that the number of whales holding between 1,000,000 and 10,000,000 XRP has significantly decreased since January 27 by 54, which is at least $21,600,000 and at most $216,000,000. This shows that large holders have used the pump to exit and take profits as they believe XRP price will continue to tank due to the lawsuit.