XRP Just Witnessed the Largest Bear Trap in History. Here’s What Happened
Main Idea
XRP experienced a significant bear trap, with its price dropping sharply from an all-time high before quickly recovering, catching many traders off guard.
Key Points
1. XRP's price surged to a new all-time high of $3.65 before rapidly dropping to $2.99, then rebounding to around $3.19.
2. Crypto investor Armando Pantoja described this event as 'the largest XRP bear trap in history.'
3. The quick recovery reestablished the $3 mark as a key support level for XRP.
4. The sharp reversal left many short-position holders unprepared, as the price decline was short-lived.
5. The failed breakdown at $3 now acts as a significant indicator for future price movements.
Description
Armando Pantoja, a prominent crypto investor and member of the Benzinga crypto advisory board, believes XRP traders just witnessed “the largest XRP bear trap in history.” His remark followed a sudden price reversal that saw XRP briefly dip below $3 before recovering. The move began with a strong rally, which saw XRP steadily climb above previous resistance levels, culminating in a new all-time high of $3.65 . This move excited investors who have been waiting since 2018 for this milestone. Howeve...
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