Ripple Joins $6M Funding Round for Squid Protocol
- Funding Scale and Participants: On May 22, Squid announced the completion of a $6 million strategic funding round, with Ripple listed as one of the participating investors; although specific investment amounts and post-money valuations were not disclosed, Ripple's involvement indicates its interest in cross-chain infrastructure.
- Funding History and Market Performance: This funding round brings Squid's total funding to $13.5 million, following a $3.5 million seed round in 2023 and a $4 million strategic round in 2024, reflecting its ongoing appeal in the cross-chain routing protocol space.
- Strategic Significance of Ripple: Ripple's participation signifies more than just financial backing, as it could accelerate Squid's integration efforts; leveraging Ripple's user base may enhance Squid's influence in the decentralized finance (DeFi) sector, particularly in terms of liquidity and chain coverage.
- Market Environment and Future Outlook: Amid mixed signals in the crypto market, XRP's trading price stands at approximately $1.36, indicating extreme fear in the market; investors should monitor how Squid plans to utilize the new capital for product expansion and potential integration with the XRP Ledger.
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Technical Analysis for AXL
Technical Sentiment Analysis for Axelar (AXL). As of , Axelar (AXL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 3 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AXL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AXL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Axelar (AXL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0462 | 0.051 | 0.0549 | 0.0597 | 0.0636 | 0.0685 | 0.0723 |
| Fibonacci | 0.051 | 0.0544 | 0.0564 | 0.0597 | 0.0631 | 0.0651 | 0.0685 |
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