Wednesday, May 5, 2021

XRP Spikes Over 14% in an Hour, Analysts Blame Dogecoin (DOGE) Pump

While the dust settles after the first wave of the significant pump of Dogecoin (DOGE), its impetus may go to other major altcoins, with XRP token leading the pack. XRP, the fifth-largest cryptocurrency, added about 15% in a matter of minutes today.

DOGE “money ball” in XRP court?

The crypto analyst and trader, Luke Martin, host of the 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.

Read Also: How Flare Network and Spark Token FXRP Will Substantiate the Utility of XRP for Its Holders

Luke Martin tweeted, “It pains me to say this….it really does…but it looks like the hot ball of money that pumped DOGE has started to move into XRP. XRP is up 20% in the last 2 hours while the rest of the market is flat.”

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

Read Also: Elon Musk’s Favorite Digital Token Dogecoin (DOGE) Surged By 120%

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 reported by Herald Sheets, Bitcoin added almost $7,000 within a few hours. 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).

This decision followed a recent poll on Flare’s Twitter handle. 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.

Read Also: Ripple Makes More Payments into MoneyGram to Boost Liquidity of XRP-Powered ODL(

At press time, XRP price movement is losing its steam. Meanwhile, it is still in the green zone, changing hands at $0.2846, with about a 12% price uptrend in the last 24 hours.

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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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