Bitboy, the YouTuber, has reacted to the sudden spike of XRP, saying such a spike will not be without a reason. In a tweet today, the crypto influencer implied that the cryptocurrencies recent price action is likely driven by insiders with knowledge of some positive news not yet available to the public.
“You think XRP pumps like this for no reason?” Bitboy wrote. “Insiders always front-run news. The only question is, what is the news?”
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You think $XRP pumps like this for no reason?
Insiders always front run news. The only question is what is the news?
— Ben Armstrong (@Bitboy_Crypto) March 22, 2023
As previously reported by the Cryptolifedigital, XRP recorded a gain of over 21 % and this has called back the hope of the investors probably. Following this spike, there was a massive movement of 120 million XRP within the exchange.
Possible Reasons For XRP Rally: Bitboy
However, the reason for the pump is likely the planned xCORE airdrop for XRP holders by the Sologenic Development Foundation. As highlighted by pro-XRP lawyer Bill Morgan, Sologenic’s SOLO token also experienced a similar price jump within the same period.
What about the fact Sologenic built on the XRPL pumped the same time at the same rate of increase as XRP. An on demand tokenisation ecosystem built on the XRPL. Just a coincidence.
— bill morgan (@Belisarius2020) March 22, 2023
The passed report shows that the spike could be the activity of the Coreum project recently built on the XRP Ledger which recently declared that it would be distributing xCORE tokens to XRP and SOLO holders by March 24.
It is worth noting that two days from now, for the snapshot, with distribution slated for May 15. Consequently, the buying pressure on both crypto assets is likely a result of holders trying to get as many tokens as possible to qualify and get as much of the promised airdrop tokens as possible.
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Another analyst said that the rally could be because of the support by a chart pattern identified earlier this month by a crypto trader known only as Crypto Michael (@MichaelXBT). Notably, the asset’s price had formed a narrowing descending channel against BTC’s price on the daily chart, prompting the trader to anticipate a breakout to the upside. In a tweet today, Crypto Michael tapped the asset’s price to retest $0.43 before continuing its upward momentum.
$XRP will probably re-test the broken trend line at $0.43 then bounce. pic.twitter.com/fFslK3Pbq6
— Crypto Michael (@MichaelXBT) March 22, 2023
Notably, XRP has given away some of its gains to trade around $0.444, still up over 5% in the last 24 hours. Meanwhile, SOLO is up a solid 17.3% within the same period.