XRP Up 46.55 % and 🧗🏽‍♂️Climbing Amidst Rumors in Telegram Channel

(07:29a EST)

  The Reddit forum ( r/wallstreetbets)  leveraging secret codes that are embedded in memes and emojis migrated to Telegram to present a new opportunity. According to FrontpageMetrics, an unofficial site that measures subreddit growth, r/wallstreetbets is the fastest-growing subreddit this week, increasing its members by more than 2 million over the last 7 days. The group started Thursday with 4.4 million members and in one hour saw 10,000 users join the group. The community has been around since 2012 and began in 2021 with a little above 1 million users.

  The picture displayed below shows the r/wallstreetbets cartoon character Melvin holding an XRP token and a rocket. (Melvin & Friends is the forum’s meme-driven funnies thread) The forum is responsible for exposing the market manipulation in the traditional and crypto markets, from companies like GameStop Corp. and Express Inc. to cryptocurrency DOGE, the r/wallstreetbets forum is minting small fortunes for retail investors who get in and out of the favored names at the right time. This is the most recent posting (via Telegram channel BUY & HOLD XRP FEB 1st, 2021)

(Source: CoinGecko)

 The Short Squeeze

  On January 28, multiple brokerages, including Robinhood, halted the buying of GameStop and other securities, later citing their inability to post sufficient collateral at clearing houses to execute their clients' orders. This decision attracted criticism and accusations of market manipulation from prominent politicians and business executives from across the political spectrum. Class-action lawsuits were filed against Robinhood in the U.S. District Courts for the Southern District of New York and the Northern District of Illinois.

  Many other heavily shorted securities also saw price increases. In reaction to brokerages halting the buying of GameStop and other securities, the total market capitalization of cryptocurrencies also increased. (Source: Wikipedia, The GameStop Short Squeeze)

The “Answer” to SEC’s “Mission”

  Since DEC 2020, we haven’t heard from the Ripple organization. A month of silence ended when CEO Brad Garlinghouse released Ripples official response to the SEC filing. Titled the “Answer”, this 93 page legal document (filed publicly) encompasses what the name suggests and is their official answer to the allegations in the SEC’s complaint. Although it does not fully outline Ripple’s strategy, you can be sure more is to come as it plays out in court. 

  This was Ripple’s first opportunity to start setting the record straight, as all of their international partners have backed their position, the U.S. is the only country a XRP 

  “Although the legal process is slow, we are working to get this resolved as quickly as possible to bring clarity to the broader market. Moving quickly is important because, as you know, since the SEC filed its complaint, XRP lost almost half of its market value, causing retail holders of XRP with no connection to Ripple– the very people the SEC purports to protect – to suffer billions of dollars in losses. What’s more, part of the SEC’s mission is to maintain orderly markets… and yet their overreach created havoc in the market”.( Brad Garlinghouse)

 With a looming lawsuit in the wains,  a cause and effect behind the scenes take place and the only people affected are the retail investors. The tactics being used to ensure XRP is accumulated by just a select population reminds me of the 90’s attacks on Microsoft stocks. Once cleared of the erroneous allegations brought down by a departing SEC Chair, exchanges, and institutional investors alike will be fighting tooth and nail over the abandoned XRP dumped by community loyalists that actually fell for the banana in the tailpipe!

For entertainment purposes only 

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