XRP Pump & Dump Feb. 1st, 2021
With all the craziness in the private equity world with heavily-shorted stocks like Gamestop or AMC pumping 300% in a day, all that momentum / energy doesn't just fizzle out, it carries over into another asset. This occurrence is very typical in the top of a cycle of a bull market and signals that this growth and momentum is definitely unstable for the longer future and there needs to be some type of large correction.
XRP pumped a little over 150% over the weekend, starting from the start of the uptrend at 0.225 after bottoming out and finding support there. The XRP Scheduled Pump for Feb. 1st only benefited those that are already holding XRP tokens and didn't continue its pump today towards 0.80 or 0.89 and above.
From here, XRP has found bottom at what looks like the 0.36 - 0.40 support range as well as there is a longer term trend line that is holding above now. This pump was one of many that are going to happen not only on XRP, but across the market we should start seeing some moves like this across coins / the private equity market.
I'm expecting XRP to consolidate for a little while around this 0.36 - 0.40 accumulation range before it starts to move back up. It did dump 50% overnight, a lot of people selling off and taking profits from this most recent dump.
XRP pumped a little over 150% over the weekend, starting from the start of the uptrend at 0.225 after bottoming out and finding support there. The XRP Scheduled Pump for Feb. 1st only benefited those that are already holding XRP tokens and didn't continue its pump today towards 0.80 or 0.89 and above.
From here, XRP has found bottom at what looks like the 0.36 - 0.40 support range as well as there is a longer term trend line that is holding above now. This pump was one of many that are going to happen not only on XRP, but across the market we should start seeing some moves like this across coins / the private equity market.
I'm expecting XRP to consolidate for a little while around this 0.36 - 0.40 accumulation range before it starts to move back up. It did dump 50% overnight, a lot of people selling off and taking profits from this most recent dump.
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