Cryptomarket Price manipulation - on the example of Ripple's XRP Token

in #cryptocurreny7 years ago

Today I want to talk to you about the ongoing price manipulations in our cryptosphere, which are executed by so called whales.

This picture is taken from the kraken.com Orderbook from today 12:30:

2017-07-22 12_36_31-0.161529 XRPEUR - Kraken trading platform.png

As you can see someone placed two orders with 400,000 Tokens each to set a sell and buy wall.

It would take 400,000 * $0.16282600 = $65,310.40 worth of buying power to get through this.
Viceversa someone would need to sell 40,000 * $0.16000099 = $64,000.00 worth of XRP to push the price lower.

This sets a band for trading as long as the orders are up and there are now major positive or negative news for Ripple or XRP.
2017-07-22 12_53_54-0.161841 XRPEUR - Kraken trading platform.jpg

What do you think about those type of manipulations?

Sort:  

The liquidity is still so low in the crypto scence, that such manipulations can be done by every whale... that's why I stay away from tading until we reach way higher levels of market capitalization!

Good catch and I guess someone just wants to make sure, that he/she can accumalute more Ripple in this price range (:

Yeah i agree with you. The volume is still quite low but in my opinion sometimes there are some juicy spots for daytrading. I always have a little spare money on some exchanges for daytrading to accumulate more BTC and Antshares/NEO.

what are you thought about Ripple in the long term (5-10 years)?

I guess that banks will use their own private chain and won't invest a dime into a token like Ripple... But let's see what the future will bring (:

.... Cryptomarket Price manipulation? Another conspiracy theory ;-)

No conspiracy here, just observation ;)

Congratulations @cryptoryan! You have received a personal award!

1 Year on Steemit
Click on the badge to view your Board of Honor.

Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Home stretch to the finals. Do not miss them!


Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes


Do you like SteemitBoard's project? Then Vote for its witness and get one more award!

Congratulations @cryptoryan! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Vote for @Steemitboard as a witness to get one more award and increased upvotes!