XRP ETF Freeze Make Market Drop 11% Plus $93M Liquidations
XRP drop 11% when SEC freeze Bitwise XRP ETF approval from July 22–24, dis one cause $93M plus long liquidation. Price crash from record $3.65 high to $3.11 by close of day.
Dis XRP ETF freeze stop $1.86B BITW shares from waka go regulated exchange and e still affect Grayscale GDLC ETF. Market cap drop to $184.5B as 24-hour volume jump 92.7% to $14.48B, show say plenty people dey sell. Active address go down under 54,000 then come back small to 57,700, people dey come back slow slow.
Technically, XRP break below 100-hour SMA at $3.45 and 23.6% Fibonacci retracement at $3.28. Important support na $3.05 (38.2% Fib) and $2.85 (50% Fib), resistance dey at $3.30 and $3.50. RSI dey 27.65, oversell side, MACD show bearish movement but short term bounce fit happen if on-chain activity continue dey better.
Bearish
SEC stop Bitwise XRP ETF approval plus di $93 million long liquidation don make regulatory wahala worse and cause technical breakdown below important moving averages and Fibonacci levels. Plus, sharp increase for trading volume and oversold RSI show say bearish trend fit continue short term. But if on-chain metrics improve and cautious user activity continue, XRP fit get technical bounce, but market sentiment remain negative till regulatory clarity come back.