Altcoins Analysis

Ripple Value Explodes, Accused of Being Artificially Pumped

Gola Yashu | November 27, 2014 | 9:25 am
Altcoins

Ripple Value Explodes, Accused of Being Artificially Pumped

Gola Yashu | November 27, 2014 | 9:25 am

[Update: It has been found that Ripple have been experiencing a huge inbound money from companies all around the world, thanks to one of our readers. As for now, the accusation mentioning it to being artificially pumped stand nowhere.]

If the figures available at CoinMarketCap.com are to be believed, Ripple value went through a whopping 30% surge in between the November 26th and 27th trading session.

The sudden price explosion helped Ripple to solidify its number two position, in terms of overall market cap. At press time, the approximate gap between the Ripple and Litecoin’s market cap is $28 million. Before the spike, it was noted to be around $14 million.

The most important thing to notice here is the absence of relevant news that justifies Ripple’s skyrocketing performance. Of course, it is well-known that the majority of Ripple units – the XRP – are held by its creators which gives them certain powers to manipulate the market in whichever direction they prefer.

But without dwelling too much into conspiracy theories, there might also be a possibility that Ripple, as a money transmission protocol, is seeing greater adoption from businesses around the globe. But still, the Ripple Labs’ representatives should at least make their current status public, so as to avoid negative publicities.

Meanwhile, cryptocurrency forums are already filled with anti-Ripple posts, with majority of users accusing it to be a scam, or a heavily manipulated cryptocurrency. A Reddit user, who goes by the alias of ‘n00b-hunter’, further accused the XRP/BTC pair to have been pumped on Cryptsy. He writes:

“The reason behind all of this is because people like me who now want to sell XRP for BTC have no liquid way to do so,” he says. “Cryptsy is very cleverly blocking all XRP deposits, meaning people can only buy coins, No one can deposit and sell XRP at the moment; this seems to be pushing the prices up.”

 

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