Bitboy Says XRP Pumping Not Without Reason

Bitboy Reacts to XRP Price Pump, Is There a Hidden Reason Behind It?

XRP surged as much as 21% in the last 24 hours.

Prominent crypto YouTuber Ben Armstrong aka Bitboy has reacted to the recent impressive price showing by XRP.

In a tweet today, the crypto influencer implied that the cryptocurrencies recent price action is likely driven by insiders with knowledge of some positive news not yet available to the public. 

“You think XRP pumps like this for no reason?” Bitboy wrote. “Insiders always front-run news. The only question is, what is the news?”

You think $XRP pumps like this for no reason?

Insiders always front run news. The only question is what is the news?

— Ben Armstrong (@Bitboy_Crypto) March 22, 2023

Recall that the asset price kicked off a sudden rally yesterday, as reported by The Crypto Basic, recording as much as 21% in gains. Per the report, it led to speculation about a potential ruling in the long-running legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, the creators of the blockchain. 

However, the reason for the pump is likely the planned xCORE airdrop for XRP holders by the Sologenic Development Foundation. As highlighted by pro-XRP lawyer Bill Morgan, Sologenic’s SOLO token also experienced a similar price jump within the same period.

What about the fact Sologenic built on the XRPL pumped the same time at the same rate of increase as XRP. An on demand tokenisation ecosystem built on the XRPL. Just a coincidence.

— bill morgan (@Belisarius2020) March 22, 2023

Notably, to commemorate the launch of its enterprise blockchain, Coreum, the project originally built on the XRP Ledger, disclosed that it would be distributing xCORE tokens to XRP and SOLO holders. It has set March 24, two days from now, for the snapshot, with distribution slated for May 15. Consequently, the buying pressure on both crypto assets is likely a result of holders trying to get as many tokens as possible to qualify and get as much of the promised airdrop tokens as possible. 

Meanwhile, it appears that the latest rally was also supported by a chart pattern identified earlier this month by a crypto trader known only as Crypto Michael (@MichaelXBT). Notably, the asset’s price had formed a narrowing descending channel against BTC’s price on the daily chart, prompting the trader to anticipate a breakout to the upside. In a tweet today, Crypto Michael tapped the asset’s price to retest $0.43 before continuing its upward momentum.

$XRP will probably re-test the broken trend line at $0.43 then bounce. pic.twitter.com/fFslK3Pbq6

— Crypto Michael (@MichaelXBT) March 22, 2023

At the time of writing, XRP has given away some of its gains to trade around $0.444, still up over 5% in the last 24 hours. Meanwhile, SOLO is up a solid 17.3% within the same period.