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XRP on the Moon? Major Exchange Makes Mysterious Claim
Alex Dobnya
The world’s longest-running cryptocurrency exchange has wowed the XRP community with a mysterious post
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Bitstamp, a cryptocurrency exchange based in Luxembourg, has perplexed the XRP community with a mysterious post showing the XRP logo superimposed on a full moon.
Alongside the photo, the post featured a caption that read, “Took this photo of the moon last night.”
In cryptocurrency jargon, “to the moon” is one of the most overused phrases, along with its various derivatives. The phrase indicates extreme bullish sentiment, with market participants anticipating rapid price appreciation.
The origin of the phrase is rather unclear as it is not unique to the cryptographic space, but is believed which was first used in this specific context in a post on the legendary Bitcointalk forum way back in 2013.
In December 2020, Bitstamp became the first major cryptocurrency exchange to suspend XRP trading due to Ripple’s legal troubles with the U.S. Securities and Exchange Commission. However, it relisted the token after Judge Analisa Torres ruled that secondary sales of XRP were not securities last July.
“Mooning” is likely a foreign concept to XRP holders, considering that the token has mostly underperformed the broader market over the past year. After a brief rally fueled by the Torres ruling, it has failed to see any semblance of bullish momentum. The token is still down 87% from its all-time high seen in early 2018.
It is worth noting that last year Ripple acquired a stake in the world’s oldest exchange, in an effort to diversify its operations and strengthen its international reputation.
Recently, Bitrue, a pro-XRP exchange, has sparked some controversy after explicitly asking its users to stake everything on the Ripple-affiliated token in the midst of a market correction.
In other news, Robinhood commission-free announced which would acquire Bitstamp in 2025.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.