Ripple update: XRP/BTC Short Squeeze coming?
Hey XRP fans,
I know these are difficult times for fellow hodlers of XRP. I wanted to offer what might be a glimmer of hope. Looking at the at the volume on the 30m chart during the recent large downswings in XRP/BTC price, I can’t help but notice that a huge number of futures were traded on BitMEX: 40M XRP during first down leg July 18th 19:00-19:30 UTC, and 29M XRP just now (July 20th 19:00-19:30 UTC). Now compare this with Binance, and the same time intervals show 6.1M and 3.3M XRP traded. So we’ve got the futures trading for ~7x the volume of the spot. (Of course Binance isn’t the only spot exchange in the world, so 7x is likely an overestimation, but the principles below still stand.)
This would indicate that:
1. Someone wanted to kill the XRP/BTC price
2. That someone ultimately has weak hands, since they used leverageable futures to do it.
So while things currently look grim, have hope, because when XRP demand returns, that certain someone will be forced to cover their position at prices far higher than the current dismal values.
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.
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