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Should you buy XRP today? Experts Opinion

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Should you buy XRP today? Experts Opinion

“We may see a strong XRP collapse.”

Traders who managed to raise the value of GameStop’s shares chose the cryptocurrency market as their next target. On February 1 at UTC/GMT +2, they promised to arrange a “pump” of the Ripple token. BitXmi experts told how events will develop. Read here.

On Monday, February 1, the price of the Ripple token (XRP), which is facing litigation with the US Securities and Exchange Commission (SEC), for the first time since November 24, rose to a local high of $ 0.755. Then there was a rollback and at the time of writing, the altcoin is traded on the BitXmi crypto exchange at around $ 0.4, having risen in price by 24% per day.

buy XRP

In the near future, retail traders, who previously managed to inflate the quotes of GameStop and other assets, promise to arrange an XRP pump. They created a telegram chat called “Buy and Hold XRP on February 1”, which now has about 200 thousand participants and a group of similar topics, which already has more than 90 thousand subscribers.

Users want to accelerate the XRP rate precisely because of the SEC claims, BitXmi analysts explain. The regulator filed a lawsuit against the company with charges of selling unregistered securities for $ 1.3 billion. Against this background, the price of the coin fell from $ 0.52 to $ 0.18.

“Everyone who is“ offended ”is also“ pumped ”. It turns out a symbiosis of financial benefits and the idea of helping someone. We are seeing changes in the minds of people. They realized that with their mass they can dictate some rules and can influence something. “- analysts say.

Who can influence the course?

buy XRP

Large token holders can hinder the attempt to inflate quotes. For example, former Ripple CTO Jed McCaleb signed an agreement with her, according to which the number of tokens that he can sell directly depends on the daily trading volume of XRP. If large purchases of tokens by users begin, he will be able to balance them with his sales.

The company itself can also increase the volume of token sales. Ripple depends on it as much as it does on other funding sources, and is unlikely to give up on the super-profits of a growing market.

“Thanks to the news of possible growth, a large number of long positions are open today, as evidenced by a record financing rate in the futures market. If large holders of XRP decide to play against mass expectations and take profits shortly before the SEC proceedings, it will be difficult for holders of long, not short positions.” – experts warn.

We remind you that the hearing on Ripple Labs is scheduled for February 22. The future of the project depends much more on SEC proceedings than on the success of today’s action.

“We definitely do not expect the price maximum of $ 3.7 to be overcome. Growth is possible, but the expected maximum is $ 1.5-2. Most of the growth has already taken place the day before; it will only be more difficult to “accelerate” the price further. Rather, a serious fall below the current levels is possible immediately after the attempted pump,” – experts predict.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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