$XRP I read the news about this institution doubling down twice.
CoinDesk just reported that Franklin Templeton put $150 million worth of fund shares on the XRP Ledger, all in one wallet.
But the market didn’t care—it still fell 2.5%.
Open interest dropped 2.4% along with it, which suggests someone used the news to exit.
Put simply, tokenizing fund shares doesn’t mean people are rushing in to buy coins. Don’t get carried away just because you see an institution involved.
Good news that fails to lift the price is a weak signal in itself.
I’m bearish on this one, so I’ll sit this move out for now.
If you really want to make a move, wait until it holds above 1.291 first.
Think I’m wrong? Come roast me in the comments, and we’ll see who called it when the time comes. #XRP #InstitutionalEntry
CoinDesk just reported that Franklin Templeton put $150 million worth of fund shares on the XRP Ledger, all in one wallet.
But the market didn’t care—it still fell 2.5%.
Open interest dropped 2.4% along with it, which suggests someone used the news to exit.
Put simply, tokenizing fund shares doesn’t mean people are rushing in to buy coins. Don’t get carried away just because you see an institution involved.
Good news that fails to lift the price is a weak signal in itself.
I’m bearish on this one, so I’ll sit this move out for now.
If you really want to make a move, wait until it holds above 1.291 first.
Think I’m wrong? Come roast me in the comments, and we’ll see who called it when the time comes. #XRP #InstitutionalEntry