“You’re not bullish enough!” an XRP enthusiast exclaimed on X last week after Ripple, which utilizes the token for cross-border transactions, announced that the U.S. Securities and Exchange Commission has dropped its case against them.
Many others share this excitement, and understandably so, as the conclusion of this long-standing legal battle has lifted a weight that hindered XRP’s performance compared to the broader market during the 2021 bull run. Plus, there is XRP ETF hype and hopes that the token could become a part of the U.S. strategic reserve.
That said, the recent price action does not reflect the above optimism, with key momentum indicators flashing a major bearish shift in trend, warning of a notable price slide ahead.
XRP surged over 11% to $2.59 last Wednesday, cheering the SEC news. Since then, the follow through has been anything but bullish with prices rangebound between $2.30-$2.50, despite optimism that expected…
