Friday, June 18, 2021

David Schwartz Hints At Current Correlation between XRP Chart and WallStreetBets (WSB) Chart

David Schwartz, the chief technology officer at Ripple, has recently hinted at a significant trend that many members of the XRP community are likely not paying attention to.

According to a chart from CoinMarkerCap shared by Schwartz, there has been a correlation between XRP and WallStreetBets (WSB) charts.

It can be recalled that the WallStreetBets gained vast popularity across the financial world following the pump of the price of GameStop stock it initiated. Dogecoin (DOGE), a popular cryptocurrency created out of a joke, also leverages the moment by surging over 1000% within a couple of hours.

Read Also: A New Pro-Crypto SEC Chairman Appointed. Would This Favor Ripple and XRP?

Ripple CTO Hints at a Correlation between XRP and WallStreetBets (WSB) Charts

In a tweet on 31st January 2021, the data shared by Ripple CTO David Schwartz reveals that there has been a correlation between XRP and WallStreetBets (WSB) charts.

Schwartz tweeted, “Right now, XRP chart looks just like WSB chart. Coincidence?”

Read Also: Why a Prominent XRP Enthusiast Is Considering Leaving XRP Community for Good

XRP Price Regains Surging Momentum

There has been speculation on what is behind the positive price trend XRP has been experiencing in the past two days.

Many crypto pundits have been attributing the significant price trend to the response to SEC’s lawsuit filed by Ripple about two days ago, while others said it’s due to the bridge between Dogecoin (DOGE) and XRP proposed by Flare.

There are some that said that XRP was benefitting from the rise of Bitcoin price after Elon Musk changed his Twitter bio to Bitcoin. However, Bitcoin price has since corrected from Elon Musk’s pump, but the digital token XRP has not relented from its unexpected price appreciation.

At the time of publishing, XRP is trading at $0.4860, with a 59% price uptrend in the last 24 hours. Moreover, the cryptocurrency has also reclaimed the 5th position from Polkadot (DOT).

Read Also: Names of Ripple, Garlinghouse, and Larsen’s Attorneys for the Suit Filed by SEC Released

XRP community members are optimistic of a favorable outcome from the court. Many XRP investors are still holding their assets, believing that a positive result is likely to result in a significant upsurge of XRP price.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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