Ripple update: Buy and sell walls
Seems I was correct with my previous estimate that the market had a gentle downward pressure. But I think there is manipulation going on (someone please correct me if I’m wrong).
Looking at BTCMarkets.net, the current price is 0.3890 AUD. There is a sell wall at 0.3890. I think this wall is responsible for the last three trades totalling around 10k XRP. Currently, the order is still standing with roughly 17,300 XRP. From what I understand this prevents the price from going up as buyers want to buy at the lowest price and as long as the wall stands, no one will pay higher than the wall’s price to buy.
Similarly, there is a buy wall at 0.3876 with an outstanding order of around 47,000 XRP. This prevents the price from dropping any further as naturally sellers want the highest prices.
So the current price seems to be forced between 0.3876 – 0.3890, a very narrow band.
What is the meaning of this? Am I reading too much into it?
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
Don’t forget to share the post if you love it !