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Why the price bump this morning?


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2 hours ago, dontsellmeadog said:

Because Bitcoin did. FOMO over halving. 

It could be that or because there is good overall economic data today. The stock market is up big due to positive news on antiviral drug trials.

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6 hours ago, JJJ2 said:

Can anyone explain me why the XRP/EUR chart has a spike while XRP/USD doesn't? 

My guess is that the high wick you show in your Bitstamp xrp_eur chart was from a large XRP buy at-market from Bitstamp's order book. 

I took a deeper look into this, looking at the price and volumes at BS in both USD and EUR quote assets, and reconciled them with the EURO-DOLLAR FX trading action at the same time as the "spike event."

What I found is this...

1. The volume at BS was about double in USD over EUR for the taking of the offers.
2. The FX ran up from 1.082 to 1.089 during that same time of the spike.

Viewing Bitstamp's DoM (Depth of Market) books right now - for both XRP quoted in both EUR and USD - the USD book is not as shallow as the EUR book. So a large at-market XRP take would consume the lower offers much quicker - and would prolly end up taking some of the "over-priced" asks - thus producing that anomalous spiking wick you see in your chart above.

TL;DR: The high wick was likely caused by the confluence of many factors, including: FX flux, FOMO buys spread across multiple exchanges and taking a few offers priced comparatively high (lucky seller heh).

Below is the FX spike I referenced.
Cheers friend.
109636527_ScreenShot2020-04-29at1_07_58PM.thumb.png.3b2330219d57ad061307db2bf0a30431.png

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16 hours ago, AlejoMoreno said:

I opened a ticket with my Blockfolio app to have them look into the error that’s causing XRP to be green.
 

No matter how many times I refresh it’s won’t show red negative for some reason. 

They’re looking into it now to see what’s wrong.

My Delta app had this issue back in Dec 17/Jan 18....took them nearly 4 weeks to fix it. 

Edited by 2ndtimearound
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