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Ripple (XRP) skyrocketed over the weekend after the notorious WallStreetBets subreddit decided to include it in the basket of cryptocurrencies it wants to “pump”. Dogecoin was the first cryptocurrency impacted by the subreddit, and managed to gain just over 900% compared to its usual trading range.

XRP had an amazing weekend as its price shot up after the r/WallStreetBets subreddit stepped into the market. However, its weak fundamentals (mostly caused by the ongoing lawsuit by the SEC) caused the stock’s overall outlook to be bearish. Once the bulls reached exhaustion, bears took over and caused a massive price dump. Even though XRP reached the third place in the crypto market top10 at one point, it quickly fell to the fourth spot as bullish momentum faded.

Taking a look at its week-over-week performance, XRP posted gains of 48.02%. When compared to the other top cryptos, XRP clearly outperformed both BTC and ETH, which posted losses of 0.72% and 6.80% over the same period, respectively.

At the time of writing, XRP is trading for $0.4, which represents a month-over-month increase of 41.15%. The cryptocurrency currently takes up the fourth place in the crypto market cap top10, and boasts a market value of $18.52 billion.

XRP has, out of nowhere at first glance, started breaking out of its recent descending trend around the $0.25 mark. The move started off slow for two days, but then gained momentum as traders started buying XRP, causing a price push to as high as $0.755 before dying down. The cryptocurrency is now fighting (and seemingly losing the fight) to stay above the $38.2% Fib retracement level which sits just above the $0.40 mark.

Due to XRP’s incredibly sharp move on top of the shaky fundamentals and technicals, a strong pullback was inevitable as well as expected. However, the r/WallStreetBets community is very unpredictable, meaning that traders need to be very careful when trading the stocks or cryptocurrencies that they target.

XRP’s RSI level on the daily timeframe quickly spiked to the overbought levels, but then reentered the regular value range once bears stepped in. Its current value is sitting at 59.69.

If we zoom in to the hourly timeframe, we can see both the pump and the dump portion of the move caused by the r/WallStreetBets community. However, unlike with the GameStop Corp, there were no hedge funds trying to protect their short positions, meaning that the XRP dump was poised to be stronger. This has, in turn, burned a lot of the retail traders that wanted to “ride the wave” of the notorious Reddit community.

The post XRP pumps and dumps as r/WallStreetBets steps into the crypto sector appeared first on Invezz.

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