Wall Street Bets Have Locked In On Their New Target; Pumping XRP & Silver Now
WallStreetBets, whose members on Reddit are growing fast, now over 7.7 million, has moved from DOGE to other assets.
WallStreetBets have found their next target, and it is none other than XRP and Silver, both of which are pumping hard. XRP started pumping over the weekend, and today the prices climbed as high as $0.688. Last week, the digital asset was trading as low as $0.246.
In just two days, XRP prices surged over 142% and is now retracing the gains as it is currently trading around $0.630.
Last week, fintech startup Ripple also filed a response to the US Securities and Exchange Commission (SEC), which has sued the company and its top two executives for allegedly selling an unregistered security. Ripple’s 93-page long response says,
“The functionality and liquidity of XRP are wholly incompatible with securities regulation. To require XRP’s registration as a security is to impair its main utility.”
Ripple has also filed a Freedom of Information Act request for documents on how the SEC determined that BTC and ETH are not securities.
Silver Sent to Multi-Year Highs
Before pumping XRP, WallStreetBets sent DOGE above $0.80, and already the momentum has ebbed as the cryptocurrency now trades around $0.0389. DOGE -0.89% Dogecoin / USD DOGEUSD $ 0.05
$0.00-0.89% Volume 1.49 b Change $0.00 Open $0.05 Circulating 128.59 b Market Cap 6.42 b 2 h Dogecoin Network Gets an Update, DOGE Cryptocurrency Becomes More Accessible 4 d Robinhood Adds 6 Million New Crypto Users in First 2 Months; 2021 Starting With A Bang 1 w BTC Breaks Yet Another Level, $57k, as Elon Musk says, Bitcoin and Ethereum 'Seem High'
Besides XRP, retail traders seem to be onto silver as well, which today went past multi-year highs of $30, a level that was last seen in February 2013. During the post-pandemic pump, silver went to just under $30 level while its all-time high sits at about $50 hit in April 2011.
Unlike silver, gold is trading around $1,860 per ounce, still over 10% from its ATH of $2,075 recorded in August 2020. Greenback, meanwhile, is flat around 90.7.
Given that WallStreetBets’s subreddit has 7.7 million members, it makes sense that they can coordinate to push up an asset's prices. Trader and economist Alex Kruger said,
“Going to be interesting if WSB ever gets large enough to command a squeeze against major currencies. Based on the silver price action, it seems they could already squeeze an EM currency if so desired.”