Luxembourg-based cryptocurrency exchange Bitstamp has puzzled the XRP community with a mysterious post that shows the XRP logo superimposed onto a full moon.
Alongside the picture, the exchange posted a caption that reads, "I took this picture of the moon last night."
Within the crypto jargon, "to the moon" is one of the most overused phrases, alongside its various derivatives. The phrase indicates extreme bullish sentiment, with market participants anticipating rapid price appreciation.
The origin of the phrase is rather unclear since it is not unique to the crypto space, but it is believed that it was first used within this specific context in a post on the legendary Bitcointalk forum all the way back in 2013.
Gamza KhanzadaevIn December 2020, Bitstamp became the first major cryptocurrency exchange to suspend XRP trading due to Ripple's legal troubles with the U.S. Securities and Exchange Commission. However, it relisted the token after Judge Analisa Torres ruled that secondary XRP sales were not securities last July.
"Mooning" is likely a foreign concept for XRP holders, considering that the token has been mostly underperforming the broader market over the past year. Following a brief rally fueled by the Torres ruling, it has failed to see any semblance of bullish momentum. The token is still down 87% from its all-time high that was logged in early 2018.
It is worth noting that Ripple acquired a stake in the world's longest-running exchange last year in order to diversify its businesses and boost Ripple's international standing.
Vladislav SopovRecently, Bitrue, a pro-XRP exchange, stirred some controversy after explicitly telling its users to go all-in on the Ripple-affiliated token amid a market correction.
In other news, commission-free Robinhood announced that it would acquire Bitstamp in 2025.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team