Ripple XRP price formed a trend reversal pattern. What goal?
Updated
3 days ago, on the chart XRPUSDT prices formed a beautiful and convincing "Inverted Hammer" reversal pattern
The large shadow of the Japanese candlestick indicates that sellers pressed the price down with great force, and broke many longs' stops in the highlighted blue zone. But there was an aggressive and voluminous buyer who was able to sharply buy back the fall at the right moment.
Purely theoretically, in the current low-volume market, one "big player" who wanted to buy a lot of XRP at the same time could have organized this show:
+ First, the "big player" on various platforms places limit and hidden buy orders for XRPUSD in the range of $0.305-0.31.
And then systematically starts selling XRP and presses the price down. Arbitrage bots simultaneously make sales on different platforms by repeating this maneuver. And then the cascading triggering of stop orders and margin calls, which were hidden behind each of the previously formed "pins"
As a result, the "big player" who started this show received a large flow of orders for the sale of XRP, which fully filled his "buckets" for the purchase. When the big player gained a position, he bought several XRPUSDT market orders and organized an aggressive buyback, and it was easy to do this because the glass was empty earlier.
+The second goal that could be achieved by such a maneuver is the "destruction" of competitors who have taken long positions over the past 6 months.
Nothing personal - only business - it will be much easier for the XRP price to grow if few people will fix profits by selling their XRP, which can freeze the growth.
+ Well, the third goal is the formation of the Inverted Hammer reversal pattern, which will give everyone a signal: "it's time to buy". The goal of this pattern is to increase the price of XRPUSDT to at least $0.40-0.41.
In general, on the chart, we have depicted the possible movement of the XRPUSDT price in the medium term until the end of spring. Target $0.60-0.65 and higher
_____________________
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The large shadow of the Japanese candlestick indicates that sellers pressed the price down with great force, and broke many longs' stops in the highlighted blue zone. But there was an aggressive and voluminous buyer who was able to sharply buy back the fall at the right moment.
Purely theoretically, in the current low-volume market, one "big player" who wanted to buy a lot of XRP at the same time could have organized this show:
+ First, the "big player" on various platforms places limit and hidden buy orders for XRPUSD in the range of $0.305-0.31.
And then systematically starts selling XRP and presses the price down. Arbitrage bots simultaneously make sales on different platforms by repeating this maneuver. And then the cascading triggering of stop orders and margin calls, which were hidden behind each of the previously formed "pins"
As a result, the "big player" who started this show received a large flow of orders for the sale of XRP, which fully filled his "buckets" for the purchase. When the big player gained a position, he bought several XRPUSDT market orders and organized an aggressive buyback, and it was easy to do this because the glass was empty earlier.
+The second goal that could be achieved by such a maneuver is the "destruction" of competitors who have taken long positions over the past 6 months.
Nothing personal - only business - it will be much easier for the XRP price to grow if few people will fix profits by selling their XRP, which can freeze the growth.
+ Well, the third goal is the formation of the Inverted Hammer reversal pattern, which will give everyone a signal: "it's time to buy". The goal of this pattern is to increase the price of XRPUSDT to at least $0.40-0.41.
In general, on the chart, we have depicted the possible movement of the XRPUSDT price in the medium term until the end of spring. Target $0.60-0.65 and higher
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
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