XRP got a $132 million buy-side catalyst, and the price barely reacted
Here’s what I saw: On 10-19, the SEC cleared Evernorth’s 424B3 prospectus. It covers 11.5 million warrants with an exercise price of $11.50. If they’re all exercised, the company could raise $132.2 million, and that money is probably intended to buy XRP. But all I can say is: Is that it?
Evernorth completed its SPAC merger on 10-9 and began trading on Nasdaq under XRPN on 10-12. Between them, the parties hold about 388.7 million XRP, making it the largest pure-play XRP treasury company.
Just one day earlier, the SEC had also issued guidance classifying XRP alongside BTC and ETH as a “digital commodity.” Ripple Chief Legal Officer Alderoty went straight to X to celebrate.
As for the numbers, XRP is up just 4.3% over 24 hours, with a high of 1.3987, a low of 1.3288, and a current price of 1.3873. Perpetual futures volume is 676 million USDT, and the funding rate is 0.01%—not exactly a frenzy.
Here’s another painful detail: the filing shows XRP fell about 40% in the year between the agreement signing and the closing.
My take: The good news is real, and the $132 million buy-side figure is real too, but the price only moved 4%. The treasury-company crypto-buying narrative—copying MSTR’s playbook over to XRP—doesn’t seem to be working.
1.38 is still the death-cross level, and even this news couldn’t push the price past 1.40. That’s the real signal: no matter how good the buy-side story sounds, the market isn’t buying it.
I can’t bring myself to get in at this level. I’ll sit back and watch for now. I really don’t dare touch a coin that doesn’t move even when good news comes out.
A drop below 1.33 would show that even the SEC’s green light can’t save it, so I’ll keep watching from the sidelines. If it gets above 1.40 and holds, then the buyers are really coming in, and I’ll take notice.
Will it hold above 1.40 and then test 1.45, or break below 1.33 and head for 1.30? I’m leaning toward the latter for now. Even if I’m itching to buy, I’ll hold back on a coin that can’t rally on good news. What about you?
$XRP $BTC $ETH
#XRP #USStocks
Here’s what I saw: On 10-19, the SEC cleared Evernorth’s 424B3 prospectus. It covers 11.5 million warrants with an exercise price of $11.50. If they’re all exercised, the company could raise $132.2 million, and that money is probably intended to buy XRP. But all I can say is: Is that it?
Evernorth completed its SPAC merger on 10-9 and began trading on Nasdaq under XRPN on 10-12. Between them, the parties hold about 388.7 million XRP, making it the largest pure-play XRP treasury company.
Just one day earlier, the SEC had also issued guidance classifying XRP alongside BTC and ETH as a “digital commodity.” Ripple Chief Legal Officer Alderoty went straight to X to celebrate.
As for the numbers, XRP is up just 4.3% over 24 hours, with a high of 1.3987, a low of 1.3288, and a current price of 1.3873. Perpetual futures volume is 676 million USDT, and the funding rate is 0.01%—not exactly a frenzy.
Here’s another painful detail: the filing shows XRP fell about 40% in the year between the agreement signing and the closing.
My take: The good news is real, and the $132 million buy-side figure is real too, but the price only moved 4%. The treasury-company crypto-buying narrative—copying MSTR’s playbook over to XRP—doesn’t seem to be working.
1.38 is still the death-cross level, and even this news couldn’t push the price past 1.40. That’s the real signal: no matter how good the buy-side story sounds, the market isn’t buying it.
I can’t bring myself to get in at this level. I’ll sit back and watch for now. I really don’t dare touch a coin that doesn’t move even when good news comes out.
A drop below 1.33 would show that even the SEC’s green light can’t save it, so I’ll keep watching from the sidelines. If it gets above 1.40 and holds, then the buyers are really coming in, and I’ll take notice.
Will it hold above 1.40 and then test 1.45, or break below 1.33 and head for 1.30? I’m leaning toward the latter for now. Even if I’m itching to buy, I’ll hold back on a coin that can’t rally on good news. What about you?
$XRP $BTC $ETH
#XRP #USStocks