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In this article we are going to discuss the latest manipulated pump of XRP, causing a peak of 85.65% gains. This article will provide the hidden causes behind this pump, although recent articles have related this pump as a response to the SEC custody case. Our main objective is to stay away from fake pump and dump schemes caused by wealthy individuals acting together.
Lately, as WSB example started to spread against platforms, hedge funds and institutions. Groups on Telegram, Reddit and other platforms, are being formed, attracting thousands of members. These groups decide a specific time for the pump, and mention the coin when the pump starts. Many beginner investors and traders believe that these pump and dump schemes will function properly, but they enter the trade late and suffer huge losses.
The latest XRP surge was caused by a group on Telegram, containing more than 30000 users, who were told by the admin that the next pump will be XRP, with a target between 1-3$ and maybe will go further to 10$. Little did they know that most of the admins of such groups, have the power of manipulation, and buy the coin before the rest of the group members, then they dump it on them causing them huge losses. This article is made to mention that the latest impulsive move of XRP is not a healthy pump. In this article we will mention certain key levels of XRP to hold in the next few hours, otherwise the pump is doomed to fall.
The chart shown above is a 4hr timeframe chart of XRPUSDT on BINANCE Exchange.
Current Price: 0.3784$
24h High: 0.52$
200 EMA: 0.31$
Resistance level: 0.4589$
Support level: 0.3320$
This chart represents the latest pump of XRPUSDT. It is extremely important to notice that XRP failed to close a 4hr candle above the resistance level, causing the price to retrace almost 30% in only 2 hours. Until this exact moment it is not recommended to to enter a leveraged trade on XRPUSDT, as long as the daily close of today holds above 0.33$ level, the trend of XRP will remain bullish. The confirmation of the continuation of the pump with mass involvement happens only if XRP holds above 0.45$ and closes 4hr candle above this resistance level.
It is recommended to trade wisely in moments of high volatility, risk only what you can afford.
This was a brief analysis of the latest move on XRP, the move is being manipulated by groups, it is not caused by Ripple's response to SEC.
Stay away of fake pump and dump groups and trade wisely.
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Crypto Army
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