XRP Slumps 9% After Swell, $500M Funding; ETF Approval Looms
XRP fell over 9% to $2.19 after Ripple’s Swell conference, wiping out earlier gains from a $500 million funding round led by Citadel Securities and Fortress Investment Group. Despite ETF amendment filings by Canary, Bitwise and Franklin Templeton briefly lifting XRP above $2.30, the token failed to break the $2.40 resistance or reclaim its $2.50 peak. Bearish technical signals—XRP slipping below its 50-day moving average and an RSI matching 2021 correction lows—combined with weak buying pressure despite 165 million XRP in trading volume. Traders now eye support at $2.10 and the proposed Section 8(a) Canary XRP ETF as a potential catalyst; a sustained close above $2.30 is crucial to avert further downside.
Bearish
The 9% decline in XRP after Swell, coupled with bearish technical indicators—slipping below the 50-day moving average and an RSI at 2021 correction lows—reflects weak buying pressure and capital flight. Brief boosts from the $500 million funding round and ETF amendment filings failed to breach key resistance at $2.40. Without a sustained close above $2.30, XRP risks testing $2.10 support. This combination of negative technical signals and unfulfilled catalysts points to continued downward pressure in both the short and likely medium term, making the outlook bearish.