Has XRP (Up 57%) Finally Found Its Bottom?

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Last Updated on 31 January 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The year both ended and started badly for XRP, the popular cryptocoin of Ripple Labs. CEO Brad Garlinghouse was sued by the SEC and with incoming treasury secretary Janet Yellen squarely on the side of classic finance and against crypto, things were not looking up. XRP fell from a value of around $0,60 to $0,25 and lost it’s place as the fourth biggest crypto coin.

However, with the possible appointment of Michael Barr to the position of Comptroller of the Currency, things started to turn since the half of the month. This former Treasury Department official is seen as highly favorable to fintech companies since he’s been on the advisory board for Ripple as an executive. Mr Barr served in that position from 2015 to 2017.

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Weibo joins in

In the past week, we also highlighted how millennials in Japan and South Korea are still backing XRP, where it is one of the most popular cryptocurrencies.

By now, over in China, teens are sympathetic to their US peers who are getting into crypto (mainly the Dogecoin trend was big on Chinese social media this week) and are rallying on Weibo (the Chinese version of Twitter with some 600 million users) for other cryptocoin pumps as well, more notably XRP.

A Weibo account holder with 40,000 followers said:

Were it not that Ripple was struggling with its lawsuit, the next token being pumped by the retailers in the U.S. could have been XRP.

Many newcomers to crypto only look at prices and names, and they do not care how many times this particular token has taken away people’s money or whether it is highly centralized.

If the Chinese (and other Asian) youngsters were to join these roaming social media hordes then XRP can indeed have finally found a floor from where to start climbing again.

Possible pump tomorrow

Although we must warn that this weekend’s 57% rise could be explained by a group pump which had been signaled beforehand on social media, the fact remains that XRP had refused to drop under $0,25.

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It will therefore be interesting to see if the coin finds support around the $0,30-$0,35 mark next week when the inevitable dump follows this social pump.