MarketPR
$XRP dropped 5% and fell below $1.12 after failing to hold the $1.18 region, rattling short-term traders even as two institutional developments landed simultaneously — Ripple's entry into a DTCC tokenization initiative and SBI's addition of crypto rewards.
Positive headline flow and a deteriorating price chart are pulling in opposite directions, and the chart is winning.
Ascending Trendline Break Opens the Downside The technical trigger for the correction was a break of an ascending trendline on the hourly chart, a support structure that had been containing XRP's near-term pullbacks.
Once that level gave way, the move toward and through $1.12 accelerated, and short-term traders who had positioned against the trendline absorbed the damage.
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