$XRP 1.1572. Today's low is 1.1509, and not one of the last 60 daily candles has touched this level. That 1.1991 low on 10-30 no longer holds.
BTC is still up 0.29% at this hour. One is moving sideways, the other is getting slammed down.
The hardest hit was the four-hour candle at 8 p.m. on 11-05. Volume was 388.6 million, versus a median of 89.2 million for the 59 completed candles—a 4.36x increase.
It opened at 1.3189 and closed at 1.2453. Since then, $BTC climbed back from 74,810 to 75,827, while XRP went and dropped another 7.1%.
The leveraged traders haven't fled, though. The number of contracts held is down just 2.6%, while notional value is down 13%. The entire difference comes down to price.
The price has fallen, but positions remain open, with all the unrealized losses sitting on the books. Any bounce will first run into all these people waiting to break even—that's what makes this so grueling.
Only after holding above 1.1991 can we look toward 1.2453. Below 1.1509, there's no reference level. Keep an eye on 1.1991; until it gets reclaimed, any bounce is just a chance to get out.
Is your XRP cost basis above or below 1.2?
Source: https://fapi.binance.com/fapi/v1/klines?symbol=XRPUSDT&interval=4h&limit=60
BTC is still up 0.29% at this hour. One is moving sideways, the other is getting slammed down.
The hardest hit was the four-hour candle at 8 p.m. on 11-05. Volume was 388.6 million, versus a median of 89.2 million for the 59 completed candles—a 4.36x increase.
It opened at 1.3189 and closed at 1.2453. Since then, $BTC climbed back from 74,810 to 75,827, while XRP went and dropped another 7.1%.
The leveraged traders haven't fled, though. The number of contracts held is down just 2.6%, while notional value is down 13%. The entire difference comes down to price.
The price has fallen, but positions remain open, with all the unrealized losses sitting on the books. Any bounce will first run into all these people waiting to break even—that's what makes this so grueling.
Only after holding above 1.1991 can we look toward 1.2453. Below 1.1509, there's no reference level. Keep an eye on 1.1991; until it gets reclaimed, any bounce is just a chance to get out.
Is your XRP cost basis above or below 1.2?
Source: https://fapi.binance.com/fapi/v1/klines?symbol=XRPUSDT&interval=4h&limit=60
