🥊 XRP TAKES ON MAJOR MOVE, BIG NEWS 🥊🥊 Just spent an hour writing up an idea only for all the progress to get lost so I'm just gonna rewrite this real quick for you guys, thanks for joining in and feel free to leave a like or follow, would really be appreciated.
🥊 Below is a 3 minute chart so I'll refer to that quick.
🥊 Based on the chart we can identify everything that's happened and get some confirmations. The first one is that the 0.688 and 0.736 levels we added in a few days ago proved the test well and did their job for us confirming some stuff like that resistance at 0.736 as well as the support above 0.688 with us promptly getting pulled back up.
🥊 What I did want to point out was my quick theory on the quick jump up and down. When I looked at the bars I noticed that there was 1-200k in buying volume cumulatively. Almost immediately we saw a drop in the following bar which had a volume of 405k. My theory is that a whale or institutional buyer wanted to sell their original position and decided to do a semi rug pull. They basically could have used 50-100k or even more to get prices pumping and looking like XRP will rocket quick, thanks to that other traders and retail buyers will buy up XRP increasing the liquidity and demand. The whale then takes advantage of the heightened demand and liquidity/ sells their lot in one go at the best price possible since other people are buying the XRP they're selling and won't realize it's been sold until after the fact. If you don't believe me look at the chart yourself. The volume then dips to 35k being the highest for the next few minutes so the volume was almost certainly a big whale/institution.
🥊 That's a lot for a theory I understand but this stuff doesn't just happens randomly. Not to mention the trade occurred at 6 am which tells me they wanted most of the market to be asleep, so they took advantage of that and the low volume to execute their quick rug pull and exit their position. That's about it and that's what set us up for this fall that's happened. Why I would like to reinforce the fact that all that matters is that we avoided felling below 0.688.
🥊 If we look again at the 3 minute chart we can see how prices got rejected upon the rebound at 0.71 hitting our channel top which we've already identified as resistance. This is the same consolidation channel you guys should have already, I simply extended, pulled it to the right so feel free to do the same on your charts.
🥊 Target at this point is just to break back above 0.71 and out the channel, in the least avoid falling below 0.688 if we do end up retesting that level of support.
🥊 Ultimately though stuff isn't too bad, XRP's utility is ultimately the main driving factor and in the long run things continue to be positive. Not to mention yesterday Fubon Bank announced it's plan to use Ripple's Ledger platform to test Digital Hong Kong Dollars. The bank has announced plans to launch a pilot real estate tokenization program this year in Q3 of 2023 on Ripple's CBDC platform.
🥊 As the article explains, Fubon Bank will take advantage of Ripple's CBDC platform using it to tokenize real estate as well as issue loans in e-KHD 'Electric Hong Kong dollars'. The first part of the test is to convert the fiat version of Hong Kong Dollars into a 'test-only' digital Hong Kong dollar on a 1:1 exchange rate. All that in itself is a big development for XRP and another bit of proof that XRP's CBDC platform will no doubt likely become a big part of life for companies, industries.
🥊 I'm a bit tired right now and have to get ready for work so I'll leave you guys on that note, just wanted to get something out at least. Feel free to leave a like or follow as always and have a great day. Also attached below is a link to the article for the Fubon Bank Test.
thecryptobasic.com
~ Rock '
