Crypto News

Reddit rage as XRP price crashes 50% hours after hitting two-week highs

, Reddit rage as XRP price crashes 50% hours after hitting two-week highs

The latest target of Reddit traders provides plenty of volatility — and losses — as XRP sees a burst of volatility on Monday.

XRP, the number-four cryptocurrency by market capitalization, crashed nearly 50% in under two hours on Feb. 1 as a trading frenzy backfired on new investors.

, Reddit rage as XRP price crashes 50% hours after hitting two-week highs
XRP/USD 1-hour candle chart (Bitstamp). Source: TradingView

XRP traders nurse 48% losses

Data from Cointelegraph Markets and TradingView showed that extreme volatility set in for XRP/USD during Monday trading, hours after now-infamous Reddit group r/Wallstreetbets opted to buy the token en masse.

After reaching highs of $0.75, losses began mounting fast, the downside accelerating until XRP bounced off lows of $0.39 — 48% beneath the top.

At the time of writing, XRP/USD traded at around $0.45, with large swings still commonplace on low time frames. The social daily sentiment score has also reached levels not seen since January 2018, according to data from The Tie. 

, Reddit rage as XRP price crashes 50% hours after hitting two-week highs
XRP daily sentiment score. Source: The Tie

Responding, critics of the controversial altcoin were first to issue warnings over what they saw as the pitfalls of investing in it over Bitcoin (BTC) for short-term trading. 

“Even though the $XRP army get aggressive when you warm them about the escrow shaped elephant in the room, I still can’t help but feel sorry for those that bought at 0.75c today. X R (I)P,” regular Cointelegraph Markets’ contributor Keith Wareing summarized on Twitter.

DOGE holds ont

Previously, XRP had been on a different downtrend as a result of legal action against Ripple, the blockchain payment network th constitutes its largest investor. The rebound had delighted other fans, who had watched as the coin hit lows of under $0.16 just weeks ago.

Meanwhile, XRP was not the only target of Reddit traders on the day, with Dogecoin (DOGE) and silver seeing huge increases.

At the time of writing, DOGE/USD was holding on to its gains, which had taken it to near $0.04. A mention from Elon Musk in an interview late on Sunday singling it out among other altcoins had buoyed sentiment among fans of the meme-based altcoin.

By contrast, as Cointelegraph reported, little action was present on Bitcoin spot markets, with the closest bullish support at $34,000 yet to be realized.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

NYDIG Raises $200 Million From Key Strategic Partners
New York Digital Investment Groups announced that it has raised $200 million from its strategic partners. This includes its...
Mark Cuban Predicts Dogecoin Will ‘Definitely’ Hit $1
Billionaire tech investor and Dallas Mavericks owner Mark Cuban continues to provide a boost to Dogecoin. A week ago...
Ethereum 2.0 Staking Protocol Stakewise Raises $2 Million
Ethereum 2.0 DeFi protocol Stakewise announced a successful $2 million private fundraise ahead of its public launch. The protocol...
Analyst Sees Bitcoin Price Hitting $55,000-56,000; Here’s Why
Bitcoin could reach anywhere between $55,000 and $56,000 in the coming sessions, says Jonny Moe.
Bitcoin Price Surges After U.S. Senate Passes Stimulus Bill
The price of Bitcoin surged 4% to $51,000 on Sunday after the United States Senate passed the expected $1.9...
Kraken CEO: SEC’s Case Against Ripple Could Hurt Crypto Exchanges
Kraken CEO and co-founder Jesse Powell is concerned that the U.S. Securities and Exchange Commission’s (SEC) case against Ripple...

Featured Crypto News

NYDIG Raises $200 Million From Key Strategic Partners
New York Digital Investment Groups announced that it has raised $200 million from its strategic partners. This includes its...
Mark Cuban Predicts Dogecoin Will ‘Definitely’ Hit $1
Billionaire tech investor and Dallas Mavericks owner Mark Cuban continues to provide a boost to Dogecoin. A week ago...
Ethereum 2.0 Staking Protocol Stakewise Raises $2 Million
Ethereum 2.0 DeFi protocol Stakewise announced a successful $2 million private fundraise ahead of its public launch. The protocol...
Analyst Sees Bitcoin Price Hitting $55,000-56,000; Here’s Why
Bitcoin could reach anywhere between $55,000 and $56,000 in the coming sessions, says Jonny Moe.
Bitcoin Price Surges After U.S. Senate Passes Stimulus Bill
The price of Bitcoin surged 4% to $51,000 on Sunday after the United States Senate passed the expected $1.9...
Kraken CEO: SEC’s Case Against Ripple Could Hurt Crypto Exchanges
Kraken CEO and co-founder Jesse Powell is concerned that the U.S. Securities and Exchange Commission’s (SEC) case against Ripple...