Sirwin
Sirwin

XRP - Episode 005 - XRP Pump and Dump? Is the Pump Over?!

By TheScholar | Day-Trading Cryptos | 1 Feb 2021


I'm not a financial or legal advisor, so please enjoy the ride.

What happened so far with the XRP price?

We have only two possibilities that could explain what happened:

1. The group that pushed for the pump was not really after a "pump and hold", rather, they planned for a "pump then immediate dump", to make a good buck in the middle

or

2. XRP haters wanted to ruin the party, so they joined in the pumping, but then dumped after they made 15-25% profit!

 

Who got hurt? The guy who bought the tickets last

I can't tell at the moment which of the two scenarios was the right one, but we will find out sooner than later the reality of what happened. The simplest way to tell if this was originally planned as a "Pump and then immediately Dump" is to check the number of XRP wallets:

1. If there was a sudden increase in the number of wallets in the past two days, then this Pump and Dump is most probably not done by XRP hodlers, which I really hope is the case.

2. If the number of XRP wallets hasn't change much, then it was the XRP hodlers hurting each other.

3. We can also look at the size of transactions, it will tell us if it was few people with a lot of dumps or many people with small dumps. This can tell us about what really happened. 

I will be doing my own investigation and fact finding to get to the bottom of it as what happened does matter to me.

 

What next? Is the Hype Over?

I honestly believe we are still going to have another wave of pump within today or tomorrow, especially If the dump was done by people outside the XRP community, "which I still hope is the case".

 

Summary

In all cases, and despite the fact that I am not a financial or legal advisor, I don't think this is the end of it. XRP will still reach higher prices sooner than later. It ticks many of my own bullish boxes, and luckily, what happened today was not one of my original boxes. I didn't get hurt, and I'm sure that some XRP hodlers did make some money and some extra XRP, which is always a good thing to have, but this action itself didn't justify a price pump for me.

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TheScholar
TheScholar

With passion for science and technology, I strive to help others to gain another perspective.


Day-Trading Cryptos
Day-Trading Cryptos

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