February 1 will be remembered by many investors who gleefully invested in XRP. The date began rather dishearteningly, with the currency crashing by 50% in just two hours, sending shock across the market.
Yet, for anyone who has ever owned cryptocurrencies, such crashes are not unusual. One of the reasons why the market crashed, some suspect, is because r/WallStreetBets decided to start buying XRP and prop up its value.
The move only led to extreme volatility posted on Monday in the XRP/USD trading pair. The sub-Reddit, which is solely responsible for costing hedge funds millions upon millions of dollars on the GameStop short-selling fiasco, may have misled its followers on the matters of Dogecoin and Ripple.
Many have rallied to criticize investments in Ripple. The altcoin is facing a few unfortunate turns of events of its own. It's currently facing a lawsuit and the company's CEO, Brad Garlinghouse, is also potentially in the focus of the US Securities and Exchanges Commission.
Critics have said that Ripple is hardly a smart investment and it should be replaced with Bitcoin. The currency bottomed out at $0.16 a few weeks ago, which means that it was actually priced lower than Doge, a meme token driven by r/WallStreetBets.