OnceInALifetime
Short

XRP shorts about to collapse

BITFINEX:XRPUSDSHORTS   XRPUSD Shorts
XRP will head north of 50c in the next 2-4 weeks as the highly leveraged shorts at ATH collapse. XRP is heavily oversold.
Comment: tracking nicely

this will cause the bounce from the recent falls to be a 'super bounce'
Comment: Still in play
Comment: Shorts still have a long way down to go
Comment: target reached
Comment:
I'd love a massive short squeeze to pull the upwards trigger from here...
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@cyberholz, yep it's coming check our latest
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@OnceInALifetime ... and longs down as well, lowest since April https://www.tradingview.com/symbols/XRPUSDLONGS/ - what could it all mean? Both longs and shorts down?
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@cyberholz, that usually happens before the squeeze as people move from short to long, they take a breather to check which way the market is headed
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Looking at your analysis slightly differently:

The more shorts the bigger the eventual short squeeze when prices find a bottom and bounce a few %, as people have to cover in panic or face potentially higher losses.

This buying pressure causes price to rise even more thus creating a positive feedback loop when shorts are really high - this happens in all markets, a good example this year was the VIX explosion in February after having record shorts.

The fact that shorts on XRP dropped means that people bought XRP to cover - but the price didn't really jump, which is actually bearish.

If shorts go back up to resume their correlation with increasing BTC/ETH shorts, the XRP price dip will be more severe.
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Based on what metrics you expect a super bounce? Shorts collapse only?
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@cyberholz, short squeeze + r3 announced their bank settlement project will use XRP -- news which is only slowly filtering through and the market can't react to until the decline stops
+1 Reply
Heavily oversold and about to collapse? Doesn't make sense
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@milosz81, XRP is heavily oversold, shorts are about to collapse
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