XRP drop 9% afta Swell plus $500M funding; ETF approval dey come
XRP drop reach pass 9% come down to $2.19 after Ripple Swell conference, e wipe all di gains wey e get before from $500 million funding round wey Citadel Securities and Fortress Investment Group lead. Even though ETF amendment filings by Canary, Bitwise and Franklin Templeton briefly push XRP pass $2.30, di token no fit cross $2.40 resistance or get back im $2.50 peak. Bearish technical signals—XRP fall below im 50-day moving average and e RSI dey match 2021 correction lows—combine with weak buying pressure even though di trading volume reach 165 million XRP. Traders now dey eye support at $2.10 and di proposed Section 8(a) Canary XRP ETF as possible catalyst; to close pass $2.30 steady na important to prevent more drop.
Bearish
Di 9% drop for XRP afta Swell, plus bearish technical indicators—falling below di 50-day moving average and RSI reach bottom correction levels from 2021—show say buying power weak and capital dey run. Small boost dem get from $500 million funding round and ETF amendment filings no fit break main resistance for $2.40. If no steady close pass $2.30, XRP fit test support for $2.10. Dis combination of bad technical signals and unmet catalysts mean say pressure go still dey to push am down short term and medium term, make di outlook be bearish.