The XRP pamp ended before it had even begun

soared above $0.75 on Monday, doubling its price from the day's opening and moving back into third place in the cryptocurrency capitalization ranking.

However, the exultation of the bulls was short-lived - the token began to decline rapidly, falling by the end of the day below its opening level.

The amateur traders who managed to inflate GameStop's stock price chose the cryptocurrency market as their next target. They created a telegraph chat called "Buy and Hold XRP on February 1," which had about 200,000 participants.

On February 1 at 4:30 p.m. MSC, traders from that group promised to "dump" the token. However, not all market participants were interested in supporting XRP.

After posting a small gain at 4:30 p.m. Moscow time, the minute Telegram users agreed to buy the token, XRP plummeted, losing 35% of value within 10 minutes. In fact, the designated time turned out to be the moment to dump, not the moment to plump, ttrcoin writes.

"All speculative outbursts usually end the same way: in a fall. In fact, such episodes only worsen the already controversial image of cryptocurrencies, emphasizing the extreme speculative component of the price dynamics of the crypto market," notes FxPro's team of analysts.

"There is a definite pattern in these recent pummels. Doge, and so on go up about a day or less, and then they go back to where they started," Theta Seek, a trader who successfully shorted XRP, shared his observations.

Twitter account Whale Alert noticed a transaction to unlock 1 billion XRP in Ripple escrow wallets. This is the company's standard procedure for withdrawing reserves of its issued token.

Experts warned that large token holders could thwart the attempt to inflate quotes. For example, former Ripple CTO Jed McCaleb has an agreement with Ripple that the number of tokens he can sell is directly tied to the daily trading volume of XRP.

The company itself could also increase the volume of token sales. Ripple depends on it as much as other funding sources, and is unlikely to give up the super profits of a growing market.

A hearing on the Ripple Labs case is scheduled for February 22. The future of the project depends much more on the proceedings with the SEC than on the success of the recent bump.