Last week, stock markets were shaken by the news that a group of traders artificially inflated the prices of GameStop shares and other assets. This led to large monetary losses among investors who were gambling on the decline in the company's stock price. Now, the cryptocurrency market has attracted the attention of traders.
Retailers are planning to inflate the value of the XRP exchange rate, which has been hit by the SEC. As a result of this, the shares of the cryptocurrency began to rapidly fall in price from $0.52 to $0.18. Not indifferent traders created a special chat in telegram to buy shares of XRP, which consists of more than 200 thousand participants.
On Monday, February 1, the XRP quotes rose to a maximum for the first time since November 24, 2020 and amounted to $0.755. Just yesterday, the cryptocurrency quote increased by 24%. It is obvious that the telegram chat of merchants has started artificially inflating the price of XRP.
To some extent, this action is similar to the coordinated actions of thousands of modern Robin Hoods in the global financial markets. The community protects companies that have begun to lose ground in the markets due to coordinated and cunning actions of investors or legal proceedings. This precedent shows that a group of people united by a common idea and financial gain can change the balance of power in favor of weaker players in the global stock markets.
But such actions, although well-intentioned, can only be a momentary solution to a much more global problem. For example, the fate of the Ripple Labs project will be decided in the course of legal proceedings. And short-term ups in the price of XRP will not be able to significantly change the situation. Nikita Zuborev, Senior Analyst Bestchange.ru, on the contrary, admits that after a sudden boom, XRP shares will soon fall rapidly.
The material has been provided by InstaForex Company - www.instaforex.com