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XRP market is manipulated and manipulators fix the support, says prominent trader

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XRP market is manipulated and manipulators fixed the support says, prominent trader
Source: Unsplash

Peter Brandt, the author of Diary of a Professional Commodity Trader and an old school trader, posted his technical analysis of XRP with a few controversial statements.

Brandt’s technical analysis showed the price of XRP stuck in a massive descending triangle, which usually results in a bearish breakout as per its definition. Descending triangles are formed after an uptrend reaches its peak and the price starts falling.

Source: Twitter | Peter Brandt

In addition, Brandt tweeted:

“Dynamics at work in a massive descending triangle that moves to apex.
1. Mkt is manipulated
2. Manipulators support at fixed level
3. But are forced to lower their selling price as time goes on
4. If (when) support gives way, desperation will ensue.”

The chart and the comments weren’t taken well by a few enthusiasts as they disagreed with Brandt. However, this is not the first time Brandt discussed XRP. In his previous tweet, Brandt said that Ripple was nothing but a glorified version of PayPal and asked XRP “bag holders” to be careful.

He tweeted:

“The bag holders need to careful in their manipulation of this security (not a crypto). A decline below .2467 and they might be stuck holding a bag full of rotten goods. $XRPUST”

Moreover, the recent comments by the SEC clarified that Ethereum and other similar cryptocurrencies were not securities, but XRP still needs regulatory clarification regarding the same.

The price of XRP has been stuck in a sideways movement and trading below $0.40 since the end of November 2018. Other coins like Binance Coin [BNB] and Litecoin [LTC] have struck gold as they are on an uptrend, with a price rise of over 100% since the beginning of 2019.

Peter Brandt clarified the manipulation. He said:

“They are trying to get rid of their private stash and providing ARTIFICIAL support in process.”

Harry, a prominent trader and a well-known XRP enthusiast, tweeted:

“Sounds a little out there to be honest, looks like accumulation in a very tight range, but not enough to move the price significantly to get the traders really interested, but who is doing it? x”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

Ripple

SendFriend goes live in New Jersey; prepared to take on a $11 billion remittance corridor with Ripple

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SendFriend, a next-generation remittance service that focuses on cross-border payments between the U.S. and the Philippines, today announced that it had gone live in the state of New Jersey, via a Twitter announcement.

Ripple and SendFriend’s partnership was announced in late 2018, with the CEO of the latter, David Lighton, expressing his excitement at a Barclays Event in 2019. At the same event, Lighton also confirmed that SendFriend would be using Ripple’s xRapid payment solution that leverages XRP as a liquidity provider.

There is approximately $11.09 billion transferred between the U.S. and the Philippines in remittances every year. These largely use traditional payment methods that are slow and less efficient, when compared to newly developed blockchain-based solutions. The chart below shows the flow of remittances into the Philippines, with the U.S. accounting for the highest volume.

By using Ripple’s xRapid payment solution, money can easily be transferred in a few seconds. Not only does this save millions in fees by taking away middlemen, but it is also less time consuming.

Although xRapid has slashed fees and time for cross-border payments drastically, it has not gained traction due to a lack of regulatory clarity around cryptocurrencies. On February 11, 2019, SendFriend had announced the provision of an option for Overseas Filipino Workers [OFW] to send money “securely and reliably” across borders, with fees that are “65% lower than the industry average” in one “seamless flow.”

David Lighton had said,

“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families… This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”

A Twitter user @mister_pace, commented,

“Based on these rates. You save about $13 to send 1000 using SendFriend over The next lowest MoneyGram”





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