Ripple has crashed after touching its 2 month high

On Monday, early hours Ripple has touched its two months high but soon after that, it crashed. The reason behind that is a group of amateur day traders who couldn’t hold the uptrend. The coin was trading at $0.42 down by 40% from the high of $0.75 reached at around 11:10 UTC.

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A coordinated buying effort by some 200K members of the two-day-old Telegram group called “Buy & Hold XRP” at 08:30 EST was supposed to push the cryptocurrency to higher resistance levels. Instead, Ripple pulled back from $0.75 to $0.60 ahead of the crowd buying and extended losses to $0.40 after 08:30 EST.

The cryptocurrency was almost doubled in weekend time and clocked two-month highs earlier today.
The price shows that many investors have bought the coin in hopes of raising it further but now they are stuck in the bearish market.

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It’s quite possible that a whale (large investor) took advantage of the price rise and dumped his holdings. Pump and dump strategies are not new to crypto markets, particularly for Ripple.
The telegram group is still active and advising the members to buy it further.