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Why did the price drop all of a sudden?


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My buys got filled between .38 - .34 as I expected. New sell orders set to levels few cents up to add selling pressure. Bitfinex showing quite a wall at .37 and in case XRP won´t climb back at all, this all indicates to me that there is an instant selloff after buyins at .34, selling all they´ve got to buy below ticker and are able to sell soon, below .37 it now seems. I´m laddering my buys and anything I get, I set instantly back to market for upwards moves to sell. Now that we reached SUPPORT (edited) here, I remove all my buy orders downwards until closer to .25 and wait and see which decision market makes. Reminds me of september 20 - 21 but other direction, when price held steadily at .45 before sudden spike to .75 in 3 hours.This could continue fast.

When I am building long positions, by setting sell orders 1 - 2 cents or 5 - 10 cents higher means I am part of the market and make it harder for any upspikes to happen without prior notice and it helps "feel the pulse" much better. If there are no buyers at this level, there definitely is need to push it lower below .32.

Next strong support if this won´t hold here, is around .25, since we now know any downward pressure takes us well below .32 

 

Edited by P3T3RIS
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34 minutes ago, gxVg826hmf8 said:

Yes.

And hopefully you read rest of my post and did not set any more buy orders.... 

"Reminds me of september 20 - 21 but other direction, when price held steadily at .45 before sudden spike to .75 in 3 hours.This could continue fast."

Looks like continuum slide came fast :)

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0.25 is up next, then 0.06, followed by 0.006. It will likely return to pre-QE equivilent levels over the next year or two, so, the starting point of crypto in general, as all asset prices globally deflate to pre-qe levels. Most alt-coins will stagnate near 0.0000 and be forgotten, much like old cartridge video games (edit: or an abandoned mmo) collecting dust somewhere; technically functional but no longer in use. 

Edited by Wandering_Dog
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I enjoy reading these apocalyptic posts.  They remind me how out of touch with the fundamentals of XRP most of the market participants are.

The big boys are just a month or two away from the playing field and all the market price predictions seem disastrous.  Just exactly how they like to enter the fray.  The banks are signing on in increasing numbers but these current prophets of doom think it's all going to zero.  It makes the future look very rosy to me.

Buy when there is blood in the streets seems wiser than ever.

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17 minutes ago, Wandering_Dog said:

0.25 is up next, then 0.06, followed by 0.006. It will likely return to pre-QE equivilent levels over the next year or two, so, the starting point of crypto in general, as all asset prices globally deflate to pre-qe levels. Most alt-coins will stagnate near 0.0000 and be forgotten, much like old cartridge video games (edit: or an abandoned mmo) collecting dust somewhere; technically functional but no longer in use. 

And then we all die. Correct. 

Stop acting like an infant and man the **** up.

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10 minutes ago, Tinyaccount said:

I enjoy reading these apocalyptic posts.  They remind me how out of touch with the fundamentals of XRP most of the market participants are.

The big boys are just a month or two away from the playing field and all the market price predictions seem disastrous.  Just exactly how they like to enter the fray.  The banks are signing on in increasing numbers but these current prophets of doom think it's all going to zero.  It makes the future look very rosy to me.

Buy when there is blood in the streets seems wiser than ever.

Just to be clear, we're talking about a deflation back to pre-qe levels, similar to something we experienced in 2008, and 2001. And this applies to all asset prices, crypto is included. We're past the peak, its downhill from here. 

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19 minutes ago, Tinyaccount said:

I enjoy reading these apocalyptic posts.  They remind me how out of touch with the fundamentals of XRP most of the market participants are.

The big boys are just a month or two away from the playing field and all the market price predictions seem disastrous.  Just exactly how they like to enter the fray.  The banks are signing on in increasing numbers but these current prophets of doom think it's all going to zero.  It makes the future look very rosy to me.

Buy when there is blood in the streets seems wiser than ever.

At least, every people around you IRL should like your optimism and then be happy forever :)

Edited by Thomas666
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