$XRP is down 2.9% today while the Evernorth SPAC built around it is up 273% in a week. the wrapper got the party and the coin got the bill.
Evernorth just pushed its XRPN Nasdaq debut to Oct. 12 and the shares are swinging hard. a ticker that rips 273% while the coin only made 4.42% on the week tells me people are paying up for the stock, not for the token.
Brevan Howard picking Ripple Prime for prime brokerage and clearing is real news. but that's Ripple's product, and nobody has to buy the coin for it to work. I wouldn't count it as a bid.
$XRP trades at $1.42 right now, a cent above the 24h low of $1.41 after failing to hold anything near the $1.48 high. my call: if it can't get back above $1.48 before the Oct. 12 debut, I think $1.41 breaks and the coin keeps lagging the stock. if it reclaims $1.48, I'm wrong and there's nothing to defend. if you're long into the debut, that's the only line that matters.
reclaims $1.48 before Oct. 12, or loses $1.41 first?
follow me for more calls like this.
Evernorth just pushed its XRPN Nasdaq debut to Oct. 12 and the shares are swinging hard. a ticker that rips 273% while the coin only made 4.42% on the week tells me people are paying up for the stock, not for the token.
Brevan Howard picking Ripple Prime for prime brokerage and clearing is real news. but that's Ripple's product, and nobody has to buy the coin for it to work. I wouldn't count it as a bid.
$XRP trades at $1.42 right now, a cent above the 24h low of $1.41 after failing to hold anything near the $1.48 high. my call: if it can't get back above $1.48 before the Oct. 12 debut, I think $1.41 breaks and the coin keeps lagging the stock. if it reclaims $1.48, I'm wrong and there's nothing to defend. if you're long into the debut, that's the only line that matters.
reclaims $1.48 before Oct. 12, or loses $1.41 first?
follow me for more calls like this.