XRP extended its November-start price decline on Tuesday, falling more than 9% in the aftermath of Ripple’s annual Swell conference in New York. Ripple’s two-day Swell event, held from November 4 to 5, had initially given markets a taste of optimism as the company revealed several “positive” 0 Manhattan venue-hosted event featured the announcement of a $500 million funding round led by Citadel Securities and Fortress Investment Group, Cryptopolitan 1 to the dismay of XRP bulls, market participants “bought the rumors, and sold the news,” causing the asset to drop to around $2.19 by early Tuesday 2 has since regained some ground and shot back up to $2.30, but is facing rejections at the $2.40 level despite the Swell event’s purported 3 sentiment flips bearish after Swell announcements, with low impact The pullback extended its month-long slide, adding to a four-year streak of XRP posting negative returns between the Swell conference and 4 chart analysis shows that XRP may be entering a new bearish phase after failing to sustain a price surge beyond $2.5 for over a 5 token has been trading within a “Channel Up” formation that began after the March 2020 COVID-19 market crash, but that momentum is clearly 6 TradingShot believes a breakdown below the one-week 50-day moving average is a sign that the bullish cycle that began in July, taking XRP to a 4-year high of $3.50, is 7 chart analysis.) readings and those recorded then is evidence that the token may be preparing for another leg 8 price breakout fails to hold, traders still ‘selling the news’ XRP briefly staged a breakout late Friday that made bulls excited for the weekend, hoping more positive price steps will ensue before another dreaded November business week 9 Saturday, XRP rose 3.6% to reach $2.31, pushing above the previous psychological resistance level at $2.28, against the backdrop of ETF submission amendments from Canary, Bitwise, and Franklin 10 trading volume flashed on CoinGecko of about 165 million XRP , an 86% jump above the daily 11 surge suggested that larger players were once again active, fueling hopes of a sustained 12 consolidated between $2.32 and $2.35, a narrow $0.19 range, gaining traction after clearing resistance levels at $2.22 and $2.28 in a single high-volume move around 16:00 UTC 13 depth data from exchanges showed buyers repeatedly defending the $2.309–$2.310 price levels, absorbing short-term sell pressure and keeping the order books 14 the strength faded quickly as macro sentiment and post-event profit-taking took over.
XRP’s ability to hold above $2.30 will determine if the fourth largest coin by market cap continues rallying, or falls apart and away back to $2.1 Despite the bearish undertones, traders are keeping watch of the progress on the proposed Canary XRP exchange-traded fund (ETF). If the fund’s registration advances automatically under Section 8(a) of the Securities Act, XRP will become the next top 10 ranking market cap crypto with a US-listed spot 15 seen where it 16 in Cryptopolitan Research and reach crypto’s sharpest investors and builders.
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