Ripple has had a surprising rally. However, it is starting to weaken and should slow soon. Keep in mind there could be a final rally but as long as you don't get liquidated by anything and hold this short for the next few months, you should be in great profit.
The last few XRP shorts made me over 40%. I will admit I tried to short near the 7000's a few weeks ago and exited at a small loss, but that was more of a boredom trade. In hindsight I should have just waited.
We can see bearish divergences starting. Therefore, you can start shorting now. I will enter near the red line.
Thanks for viewing! Anyone know the reason for this rally? I know there might not be one, but curious as to what is going on. I am getting a lot of questions related to XRP in the past few days so it could be partially retail.
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Shorts are accumulating again. I don't think we will get a short squeeze as this is not as extreme.
When it starts to look like BCH, you know there will be crazy short squeezes.
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I don't have a crystal ball, but I'm imagining something like this.
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So hoping for at least another 6% pump.
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9800 should be the entry on Bitmex. Near 9400 is the entry on Binance.
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If you are worried, keep in mind retail is longing while Goldbach is going to short. Which side are you more comfortable being on?
The worst that will happen is you get stopped out. But I get stopped out many times before I find the top, and then I ride it down.
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Nevermind. I thought Bitmex would have a higher price relative to Binance but they are about the same.
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Update: XRP pushed past 9400 and shorts are rapidly rising.
Look for a massive pump near 9790 and short with a stop loss above the highest wick.
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Ideally shorts should rapidly drop, but if they do not, we can still head down. There will just be a squeeze sometime in the future.
If you look at BCH, that is what occured.
Trade active
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Sorry, forgot to update. Trade is now active. BTC is stable now.
XRP/BTC has been maintaining USD value. If BTC rises XRP should move down.
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This can be a stop loss if you plan on entering now. I guarantee if we do move down there will be a stop hunt.
I believe the risk is worth it. If you want to risk more with a higher chance of success you can move the stop loss to a higher bull fractal.
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Finally. I predicted the stop hunt perfectly too.
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A lot of people had the stop losses above the red line. So that was the stop hunt I was looking for.
Nice analysis. I have been following your stuff and so far pretty good. I did my own and placed a short at 0.527usd. I wish you did an analysis on xrpusd.
badbeatnuts
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Upon the 9700 sats level. Do you still think it can't go through it? Are you going to short now? I am shorting since 9300, it breaking above and closing a 4hr candle is shaking my hands tbh. Let's see the next candle close and then the daily.
I'm not short XRP currently. I have a system of reduce positions that ensure I get out fully when something like this happens. I'm going to wait two more days before deciding. There are huge bearish divergences and we are going to get a TD 9 soon.
This could be one of the best trades this month provided you get in at the right price. Make sure you do not get liquidated if we get a sudden pump.
badbeatnuts
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@Xzhi, nice insight. The TD 9 on the daily, right? Maybe around at the same time on the 4hr though not sure if bar 8 and 9 will be higher than bar 6 and 7. I will be looking at price action tomorrow as well, just added to my short position at 9900 to even a bit. Liquidation at the moment is around 16k sats which should be fine.
MMouffok
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Well done, let's see how far this can go.
In my opinion, XRP decoupling from BTC is bad bad bad news for this coin.
MMouffok
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This is a great analysis thank you.
I ended up thinking the exact same thing as you, expecting XRP to pull back up to September 30 resistance on the XRP/BTC chart rather than on the XRP/USD one (which a lot of people are still waiting for). I see this as a great short entry and we might get confirmation in the following hours.
Longs have started cashing in at this point and shorts are stacking up every time we get a meaningless move down occurs. Clear divergence on both XRP/BTC and XRP/USD.
In term of probabilities it is very unlikely XRP goes anywhere higher on this chart.
By the way, Binance does not offer futures trading if I'm right.
@Crypto-Adviser, Yeah, this is at least what it will do. TA goes out the window when "use case" is a factor now.
dinopiccinin
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@merola, Are any banks using XRP? I know banks work with the Ripple labs but they don't work with XRP. I'm not saying it won't happen in the future but right now as in today is there a real use case for it? I think speculation and FOMO is all that's needed for a coin to keep surging.