XRP/USD turns green again as Ripple invites IMF officials and US political elite to its SWELL conference
|- XRP/USD recovered from losses, but the upside is limited so far.
- Former US president and IMF representative will attend SWELL conference.
XRP/USD is changing hands at $0.5190 off Tuesday's low reached at $0.4356. The third largest coin by market value has gained over 10% in recent 24 hours, but it is still 1.2% down since the beginning of Wednesday. XRP's market capitalization has reached $20.7B, down from the recent peak of $22.9B, while an average daily trading volume is set at $1.68B.
XRP's technical picture
Looking technically, XRP/USD is supported by psychological $0.45 and SMA200, 4-hour chart, (currently at $0.4520). his area needs to hold to keep XRP's bears at bay. Once it is cleared, the sell-off may be extended towards $0.4360 (SMA50, 4-hour) and to $0.4000. This development will signal that bears have returned to the market as fresh as paint, ready to snatch out the control over the situation.
On the upside, the recovery is capped by $0.53 with SMA100 (4-hour) marginally above this handle. This resistance needs to be cleared before we can proceed to $0.5445 (the lower line of the previous channel).
From a fundamental point of view, Ripple's community is bracing itself for a SWELL conference that will take place on October 1-2. This event might serve as another bullish catalyst that will help to push prices higher from current levels. The conference will feature such distinguished speakers as Bill Clinton, the former US president, and Ross Leckow, the Deputy General Counsel to the IMF.
XRP/USD, 4-hour chart
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