XRP has crashed hard from a two-month high reached early Monday, with a planned community buying effort failing to yield desired results. The cryptocurrency is trading near $0.42 at time of writing – down 40% from the high of $0.75 reached at around 11:10 UTC, according to CoinDesk 20 data.
A coordinated buying effort by some 200,000 members of the two-day-old Telegram group called “Buy & Hold XRP” at 08:30 a.m. ET was supposed to push the cryptocurrency to higher resistance levels. Instead, XRP pulled back from $0.75 to $0.60 ahead of the crowd buying and extended losses to $0.40 after 08:30 a.m. ET.
The cryptocurrency almost doubled in value over the weekend and clocked a two-month high earlier today. The price action suggests some traders bought XRP in anticipation of a price pump, inadvertently pushing it higher. Some of them may now be trapped on the wrong side of the market.
At press time, the exact reason for the price dump is not known. It’s quite possible that a whale (large investor) took advantage of the price rise and dumped his holdings. Pump and dump strategies are not new to crypto markets, particularly for XRP.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 80% | 42 | $70 223.87 | 0.77% | 5.77% | $1 381 109 487 550 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 72.4% | 50 | $3 561.28 | 0.86% | 0.96% | $427 605 471 744 | ||
3 | USDT | Tether predictions | 93.2% | 1 | $1.000075 | 0.04% | 0.01% | $104 512 208 692 | ||
4 | BNB | Binance Coin predictions | 63.2% | 81 | $611.56 | 4.56% | 6.56% | $91 450 116 665 | ||
5 | SOL | Solana predictions | 56.4% | 88 | $186.31 | 1.37% | 3.80% | $82 797 246 652 | ||
6 | XRP | XRP predictions | 83.2% | 28 | $0.617884 | 1.08% | -2.65% | $33 912 091 915 | ||
7 | USDC | USD Coin predictions | 95.2% | 2 | $1.000084 | 0% | 0% | $32 477 074 684 | ||
8 | DOGE | Dogecoin predictions | 64.8% | 66 | $0.214389 | 9.02% | 36.62% | $30 799 433 262 | ||
9 | ADA | Cardano predictions | 68.4% | 66 | $0.646075 | 0.53% | 1.15% | $22 989 525 617 | ||
10 | AVAX | Avalanche predictions | 60.8% | 87 | $53.98 | -0.20% | -3.17% | $20 374 483 993 | ||
11 | SHIB | SHIBA INU predictions | 58% | 94 | $0.000031 | 1.75% | 11.14% | $18 197 655 004 | ||
12 | TON | Toncoin predictions | 56.8% | 87 | $4.88 | 1.10% | 14.56% | $16 949 497 215 | ||
13 | DOT | Polkadot predictions | 74.4% | 49 | $9.60 | 1.55% | 3.06% | $13 704 230 052 | ||
14 | BCH | Bitcoin Cash predictions | 72% | 60 | $572.85 | 6.51% | 37.82% | $11 275 011 429 | ||
15 | LINK | Chainlink predictions | 78.4% | 42 | $19.00 | -1.37% | 3.10% | $11 156 784 818 |
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