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ErikNL

Why did the price drop all of a sudden?

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3 hours ago, ErikNL said:

I know you guys hate titles like this, but don't worry, I don't only want to know why the price drops because it's not m00n!

I want to give my lack of knowledge about the market a small boost by simple asking you; what - in your humble opinions - causes the price to drop 10% in such short amount of time, while it looked like XRP was the only coin being steady during yesterdays decrease? Could it simple be a chain reaction of stop-loss orders, someone that has shitloads of XRP that decides to sell, market manipulation, etc? I really wonder what can cause a sudden decrease in price (but as well vice versa).

Throw your knowledge to me!

Thanks and much appreciated :)

PS:  I see a similar subject on Reddit, but man I start hating that place. A critical view on life is not allowed there...

 

3 hours ago, P3T3RIS said:

Many people traded their BTC for XRP, set stoplosses too tight at about .47 and market tested where they get triggered. And then it is just an avalanche when market finds the soft spot. Many people just lost 5% - 10% of their stack and if went long with margin, perhaps everything

While I agree that many people have traded their BTC for XRP.

The other reason we have seen a sharp drop is because at least some of these relatively large BTC players and I call them BTC player because they are still finding value in BTC for god knows why, decided to switch back to BTC when XRP/BTC trade gave them a +10% return. 

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On 11/20/2018 at 12:02 PM, ErikNL said:

Could it simple be a chain reaction of stop-loss orders, someone that has shitloads of XRP that decides to sell, market manipulation, etc? I really wonder what can cause a sudden decrease in price (but as well vice versa).

It's Wall Street Chinese Black Friday. We always have a bunch of reasonable explanations for another price drop. But reality is much simpler: after 10 years of "successful development" crypto is still not used by anyone (may be except drug dealers). So, enough is enough: if this "fantastiс new technology" after all those years failed to conquer its niche in the real life - it's a game over and a sad trombone.

Edited by Alex1

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12 hours ago, P3T3RIS said:

Possibly! But truth is they could have been wrong or you can be wrong, that is irrelevant in trading. You either lose or you win, there are no positions in-between, and only afterwards you can speculate what caused it, if it caused it, and why did it cause it, and could it had been avoided... Too many variables

When trading, first thing to do is ZOOM OUT! Open weekly chart and forget about the short timeframes totally. Nothing under 3 hours is relevant, EVER, unless you want to trade/ have open SHORT-TERM orders while you sleep! 30 min chart goes from oversold to overbought in 3-6 hours, 1 hour chart in 6 - 12 hours and 3 hour chart in approx 20-30 hours. If you try to time the market, you become fishfood.

Weekly chart gives you an idea of the overall direction of the market, that is most important to understand. Are we in a bull market or in a bear market.

Daily chart gives you basis for real action. If we are on bull market, try to time your buys for example when STOCH RSI goes to oversold and crosses back up, estimate where it could climb and set your sell orders accordingly. If your orders get filled, spend some time to analyse everything regarding that. Did I sell all or part, at what price, too high or too low etc... Just think before doing anything. Start small and learn about indicators while you play the game.

Forget the shorter timeframes and do this for some time, and then you will understand that sometimes there is no way to understand how market behaves :dash1:

 

I know, very simplified explanation, but just wanted to write this because I hate to see people losing money because they overreact to drops and moons.

Can you contextualise this with today's fall.  Weekly chart it looks like pretty level with us at the bottom of the range for last nine weeks.  On the daily chart this week is the worst fall since early Oct after which we made a gradual recovery

The problem is we are falling with BTC.  BTC is over valued because it is useless tech that has been overvalued and worthless.  Not even worth five cents in my opinion!

Can you make some sort of guess as to what this pattern means in middle or long term?

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9 hours ago, Julian_Williams said:

Can you contextualise this with today's fall.  Weekly chart it looks like pretty level with us at the bottom of the range for last nine weeks.  On the daily chart this week is the worst fall since early Oct after which we made a gradual recovery

The problem is we are falling with BTC.  BTC is over valued because it is useless tech that has been overvalued and worthless.  Not even worth five cents in my opinion!

Can you make some sort of guess as to what this pattern means in middle or long term?

I have no idea what triggered these besides overall market condition and battle of forksters. This volatility and sudden downfall is pretty much irrelevant to me anyway, since i just try to look for next possible positions and not much further, even though I have lots of XRP in very long position no matter where this market goes next 6 months. So that really is my long term view.

 

At the moment I am looking at next support levels at .38 USD, .30 and .25, resistance at .47 .57 and .67. After consolidating here between .41 - .44 market will choose direction either up or down. I´d rather not explain this much further, since I don´t want to get in situation where people blame me of giving investing advises if the they lose money. I´d rather be just a member of this community just like others, nothing more, nothing less

 

Edited by P3T3RIS

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9 minutes ago, P3T3RIS said:

I have no idea what triggered these besides overall market condition and battle of forksters. This volatility and sudden downfall is pretty much irrelevant to me anyway, since i just try to look for next possible positions and not much further, even though I have lots of XRP in very long position no matter where this market goes next 6 months. 

At the moment I am looking at next support levels at .38 USD, .30 and .25, resistance at .47 .57 and .67. After consolidating here between .41 - .44 market will choose direction either up or down. I´d rather not explain this much further, since I don´t want to get in situation where people blame me of giving investing advises if the they lose money. I´d rather be just a member of this community just like others, nothing more, nothing less

 

It's a speculation club - feel free to speculate.  Anyone who holds anyone at all to their predictions on this site is asking for trouble.  Goes without saying that investing advice is not the point here.

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21 minutes ago, P3T3RIS said:

I have no idea what triggered these besides overall market condition and battle of forksters. This volatility and sudden downfall is pretty much irrelevant to me anyway, since i just try to look for next possible positions and not much further, even though I have lots of XRP in very long position no matter where this market goes next 6 months. So that really is my long term view.

 

At the moment I am looking at next support levels at .38 USD, .30 and .25, resistance at .47 .57 and .67. After consolidating here between .41 - .44 market will choose direction either up or down. I´d rather not explain this much further, since I don´t want to get in situation where people blame me of giving investing advises if the they lose money. I´d rather be just a member of this community just like others, nothing more, nothing less

 

I think you made a good analysis for present/near past behaviour. Price consolidates between 40c and 45c. I see accumulation is going on. Price also consolidated between 50c and 55c.

I must admit that I didn’t see that perfect bull signal as it is on XRP/USD. Of course I could be wrong and it goes to 36c, 30c, 26c but accumulation is going on all the time...

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15 minutes ago, XRP_Legacy said:

I think you made a good analysis for present/near past behaviour. Price consolidates between 40c and 45c. I see accumulation is going on. Price also consolidated between 50c and 55c.

I must admit that I didn’t see that perfect bull signal as it is on XRP/USD. Of course I could be wrong and it goes to 36c, 30c, 26c but accumulation is going on all the time...

Thanks! What bull signal are you referring to? Now or earlier? If you mean like 12 days ago, SMMA 200 was holding nicely, price went just below it on daily and volume started to go up.

Generally speaking all trading here, right in the middle of the consolidation area is the riskiest trade you can make. Better set your orders towards support and resistance levels, based on your analysis, where market will move next and if the move reaches that far or even further on either direction.

What do you do if it falls by 10 cents and very rapidly jumps up 5 for consolidation? You do nothing.

What do you do it it jumps 10 cents rapidly and starts consolidation? Nothing there either.

You should act before, not after, and that is what makes this so interesting. You always shoot in the dark, alone!

I was expecting XRP to hold at .50, but it did not. Stacked at .52-.51 pretty much, but price just pierced through, and now we are on this level. Nothing more, nothing less, nothing to do to but think and be ready for the next move.

Greatest move would be long consolidation here, keeping price flat and sucking new money in when people start making charts on Tradingview pointing out how ascending triangle is forming and price will have no other direction than up... and then BOOM, down we go, all the way to .3 for next consolidation and that would suck in all buyers from levels .36 - .46 into long position without possibility to profit for months. And because of that very same triangle, no one dares to open short positions either. It is real money that talks!

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10 hours ago, Alex1 said:

crypto is still not used by anyone (may be except a bunch of drug dealers). So, enough is enough: if this "fantastiс new technology" after all those years failed to conquer its niche in the real life - it's a game over and a sad trombone.

That is clearly wrong.  This very moment people and institutions are using XRP to transfer value across the world in 4 seconds.  

Admittedly not many institutions, and not yet in high volumes,  but it is happening and thinking it isn't is akin to standing around the track at corner three and saying "nothing is happening" when the cars have just finished their warm up lap and are watching the starting lights count down.

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36 minutes ago, P3T3RIS said:

Thanks! What bull signal are you referring to? Now or earlier? If you mean like 12 days ago, SMMA 200 was holding nicely, price went just below it on daily and volume started to go up.

Generally speaking all trading here, right in the middle of the consolidation area is the riskiest trade you can make. Better set your orders towards support and resistance levels, based on your analysis, where market will move next and if the move reaches that far or even further on either direction.

What do you do if it falls by 10 cents and very rapidly jumps up 5 for consolidation? You do nothing.

What do you do it it jumps 10 cents rapidly and starts consolidation? Nothing there either.

You should act before, not after, and that is what makes this so interesting. You always shoot in the dark, alone!

I was expecting XRP to hold at .50, but it did not. Stacked at .52-.51 pretty much, but price just pierced through, and now we are on this level. Nothing more, nothing less, nothing to do to but think and be ready for the next move.

Greatest move would be long consolidation here, keeping price flat and sucking new money in when people start making charts on Tradingview pointing out how ascending triangle is forming and price will have no other direction than up... and then BOOM, down we go, all the way to .3 for next consolidation and that would suck in all buyers from levels .36 - .46 into long position without possibility to profit for months. And because of that very same triangle, no one dares to open short positions either. It is real money that talks!

I got your point. Won’t be that long explaining everything. I also thought 50c will hold but spike down is stop loss killin and that’s why expect the consolidation is close to end. Just my thoughts.

BTW, I’m not a day trader but hodler...at least 3-5 years.

Ripple/XRP for me the only company with the crypto asset of pure fundamental background and final goal IOV!

Edited by XRP_Legacy

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14 minutes ago, XRP_Legacy said:

I got your point. Won’t be that long explaining everything. I also though 50c will hold but spike down is stop loss killin and that’s why expect the consolidation is close to end. Just my thoughts.

Yeah, was not particularly writing to you, just the first part "What bull signal are you referring to? Now or earlier? If you mean like 12 days ago, SMMA 200 was holding nicely, price went just below it on daily and volume started to go up."

Rest of that post was more in general to all people here as a base for discussion. You and me see these events in a similar way it seems! May the force be with you 

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5 minutes ago, P3T3RIS said:

Yeah, was not particularly writing to you, just the first part "What bull signal are you referring to? Now or earlier? If you mean like 12 days ago, SMMA 200 was holding nicely, price went just below it on daily and volume started to go up."

Rest of that post was more in general to all people here as a base for discussion. You and me see these events in a similar way it seems! May the force be with you 

Just to answer shortly...bull signal for me is accumulation which is seen out of volume and shape of up bars. Selling was mostly on low volume basis. That’s why. I do not want to talk about technical trade analysis since crypto market is not mature yet and technicals are confusing all the time.

For me fundamentals and long term hodling count.

FYI till now I bought at 26c, 35c and 46c...

Wish you all the best my friend!

Edited by XRP_Legacy

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5 hours ago, P3T3RIS said:

I have no idea what triggered these besides overall market condition and battle of forksters. This volatility and sudden downfall is pretty much irrelevant to me anyway, since i just try to look for next possible positions and not much further, even though I have lots of XRP in very long position no matter where this market goes next 6 months. So that really is my long term view.

 

At the moment I am looking at next support levels at .38 USD, .30 and .25, resistance at .47 .57 and .67. After consolidating here between .41 - .44 market will choose direction either up or down. I´d rather not explain this much further, since I don´t want to get in situation where people blame me of giving investing advises if the they lose money. I´d rather be just a member of this community just like others, nothing more, nothing less

 

thanks - not asking for predictions really.  I never sell anyway but I asked because your point about triggered stop losses was very informative and I found the fall with Bitcoin yesterday quite alarming.

Edited by Julian_Williams

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