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XRP Spikes 15% in One Hour, Analysts Blame DOGE Money

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Fri, 01/29/2021 - 10:42
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Vladislav Sopov
Dogecoin (DOGE) is very far from being the only coin affected by GME vibes. Some major altcoins are witnessing impressive double-digit spikes
XRP Spikes 15% in One Hour, Analysts Blame DOGE Money
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While the dust settles after the first wave of the evangelical four-digit overnight pump of Dogecoin (DOGE), its impetus may go to other major altcoins, with XRP token leading the pack. XRP added 15 percent in mere minutes today.

DOGE "money ball" in XRP court?

Seasoned crypto analyst and trader Luke Martin, host of VentureCoinist podcast on investing, spotted an interesting correlation between the two pumps. As Dogecoin's (DOGE) insane run begins to wane, XRP token surged from $0.26 to $0.30 in about an hour. According to Martin, it is not a coincidence.

XRP pump may be inspired by DOGE money: Luke Martin
Image via Twitter

On some exchanges, the XRP upsurge printed a notable 20 percent increase amidst a flat market.

Meanwhile, some experts also attribute "DOGE" money to the Bitcoin (BTC) pump that started with Elon Musk's Twitter bio adjustment. An anonymous trader who goes by @LilMoonLambo on Twitter shared his/her observations:

You guys know all this $DOGE money is gonna flow right back to $BTC right?

As covered by U.Today, the king coin added almost $7,000 in no time. It has been a real disaster for bears as $57,000,000 in Bitcoin (BTC) shorts were liquidated in a single minute on Binance Futures.

Flare protocol bridges DOGE and XRP

In 2021, more than gambling-style price pump correlations may occur between XRP and Dogecoin (DOGE). Yesterday, it was confirmed that "XRP utility fork" Flare will add Dogecoin (DOGE) as its third F-Asset alongside XRP and Litecoin (LTC).

Related
XRP Fork Flare Integrates Dogecoin, DOGE Pumps 55%

This decision followed a recent poll on Flare's Twitter account. Fifty-three percent of Flare enthusiasts said "yes" to DOGE integration. So, starting from May 2021, Dogecoin (DOGE) will be natively integrated into Flare's EVM-compatible mechanisms.

At press time, XRP price movement is losing its steam. Meanwhile, it is still in the green zone, changing hands at $0.28 or up 11 percent in 24 hours.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)