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XRP Just Witnessed the Largest Bear Trap in History. Here’s What Happened
The cryptocurrency market has witnessed numerous bear traps in its history, but what just transpired with Ripple’s XRP is unprecedented. In a shocking turn of events, XRP traders have been caught in the largest bear trap ever recorded.
According to prominent crypto investor and member of the Benzinga crypto advisory board, Armando Pantoja, this bear trap has left many short-position holders reeling. The sudden price reversal saw XRP briefly dip below $3 before recovering, leaving those who bet against the asset’s value scrambling to adjust their positions.
The event was triggered by a strong rally that saw XRP climb steadily above previous resistance levels and culminate in a new all-time high of $3.65. This surge excited investors who have been waiting since 2018 for this milestone. However, the market shifted gears very quickly. The peak was immediately followed by a rapid drop to $2.99, breaching critical psychological support levels and inducing sell-off activity.
This price decline was short-lived as XRP recovered swiftly, holding support at $3 and rebounding back to its current level around $3.19. The sharp reversal caught many short-position holders off guard, as they anticipated a deeper correction following the dramatic spike.
A bear trap occurs when an asset’s price appears to break down below a key support level, enticing traders to enter short positions in anticipation of further declines. Instead, the asset quickly reverses direction and moves higher, forcing those who bet against its value to exit their trades at a loss. This setup often accelerates upward momentum as short positions are unwound.
The scale of this event is unprecedented, leaving many traders shaken by the unexpected turn of events.
Source: timestabloid.com
