XRP Pumping Not Without Reason: Bitboy

XRP rose up to 25.74% yesterday.

Ben Armstrong, often known as Bitboy, a well-known crypto YouTuber, has responded to the recent spectacular price performance of XRP.

The crypto influencer suggested in a tweet today that the current price movement of cryptocurrencies is probably being driven by insiders who are aware of some favorable news that isn't yet available to the general public.

Its price started a dramatic climb and saw gains of up to 25%. The long-running legal dispute between the United States Securities and Exchange Commission and Ripple, the blockchain's developers, has led to anticipation of a likely verdict.

The xCORE airdrop that the Sologenic Development Foundation intends to offer to holders of XRP is most likely the cause of the pump. Bill Morgan, a supporter of XRP, noted that Sologenic's SOLO token also had a comparable price increase over the same time frame.

Coreum, the project that was originally developed on the XRP Ledger, said that it will be giving out xCORE tokens to XRP and SOLO holders to celebrate the launch of its business blockchain. It has specified March 24 as the date for the snapshot and May 15 as the dissemination date. As a result, holders are probably seeking to acquire as many tokens as they can in order to qualify for and get as many of the promised airdrop tokens as possible, which is the likely cause of the purchasing pressure on both crypto assets.

Moreover, it appears that the most recent advance was backed by a chart pattern discovered earlier this month by Crypto Michael (@MichaelXBT). The trader anticipated an upward breakout since the asset's price had established a converging falling channel against the price of BTC on the daily chart. Today, Crypto Michael tweeted that the price of the asset will retest $0.43 before continuing to rise.