I'm sidelining my short looking for a possible bounce here. The orderbooks on polo and binance show someone pushing this down hard. If this doesn't hold I'll re-enter.
Man this is easy money. waiting on ADA and TRX to show signs of weakness before riding them down as well. I have no idea how low XRP may go or where it may bounce. I've always felt it's had absolutely zero fundamental value as a scam companies excel spreadsheet.
Shinn
⋅
I think it's not simply pushing as in manipulation, but really someone with an enormous amount of XRP exiting, probably over concerns about XRP's status as a security or not. He's letting the market eat each and every sell wall he puts up, and on polo alone I've already seen more than 50m XRP being sold this way. This guy really seems to be exiting, and who knows how much XRP he has. I honestly expect bounces to be met with just more selling from this guy, and there's no telling when he will be done. The security FUD is real for this whale.
jaronfitz
⋅
@Shinn, Exactly! along side of that i think there is more to it as well. You can get newcomers interested in XRP but everyone rich from being in for a while knows it's not a decentralized cryptocurrency. XRP won't rise significantly until the next wave of newcomers and that won't happen until btc makes some moves. I'm leaning towards thinking most alts won't make any moves until btc goes up either. I'm watching close for a signal to short the cardano futures too. I'm clueless as to where the trx ones might go though.
Shinn
⋅
@jaronfitz, well, that last dump did trap quite a few shorts though, so can't rule out a squeeze ;)