Record XRP/USD Shorts looking ready for a massive short squeeze!
The shorts on XRP/USD are at a record all time high right now. When viewing the weekly timeframe we can see that nearly every time we have a massive discrepency like that, we get a big dump of at least 30% in the following week. With up to 50-60% dump in the weeks after.
This would be a maximum pain scenario. First they flushed out all the leverage longs leaving the XRP/USD longs at a near all time low, and then they reverse it by going after the easy money, flushing out the shorts next. Which would result in an incredble number of liquidations and closed positions, each forcing shorters to market buy and push up the price, creating a price cascade towards the upside. Should this play out over the coming weeks, the results would be EPIC.
This would be a maximum pain scenario. First they flushed out all the leverage longs leaving the XRP/USD longs at a near all time low, and then they reverse it by going after the easy money, flushing out the shorts next. Which would result in an incredble number of liquidations and closed positions, each forcing shorters to market buy and push up the price, creating a price cascade towards the upside. Should this play out over the coming weeks, the results would be EPIC.
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BOOOOOOOM!!! ;)
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Shorts dumped nicely, exaaaactly as predicted, but looks like they were covered. Sadly avoiding a nice short squeeze :(