Spotted port side a few minutes ago (data from Kraken):
Bullish whale worth almost 2 million Euros! Sure enough, at this moment, the XRP price is shooting up. The depth chart for XRP/USD is very different and much flatter.
What are your thoughts on crypto whales and how they affect prices?
My thought is they either provide support (bullish whale) or resistance (bearish whale). Is this too simple?
From my observations, often these whales spotted on the depth chart move around with the price then suddenly disappear.
Update: This particular whale kept edging up the price up to the bearish trend line and was in the end consumed by the bears. Bearish momentum kept going and brought the price down to the previous levels. Thoughts are that this is a one-off bullish investor that hopes for a turn in the market. However the market is not convinced at this moment.