XRP/USD price in shambles: The not so Swell Ripple conference

  • XRP continues to dump negating the past history of pumping before and during Swell conferences.
  • XRP dumps more than 4% on the day ahead of the weekend session.

Ripple’s XRP price is not doing well despite the reports that XRP cross-borders transfers in selected regions such Mexico and the Philippines are surging. The prevailing trend is extremely bearish. The declines could be connected to the formation of a double-top pattern following a second failed attempt to push gains above $0.31.

A number of support areas failed to come out strongly to stop the losses including $0.30, $0.29 and $0.28. Moreover, the 50 Simple Moving Average on the 4-hour chart and the 100 SMA caved due to the selling pressure.

In the meantime, XRP is trading at $0.2791. It is holding position above a newly formed ascending trendline. Support areas towards $0.25 are still in grave danger. Besides, technical indicators, the RSI and the MACD suggest that the selling pressure will keep dominating the market.

XRP/USD 4-hour chart

The Swell conference

XRP price performance continues to disappoint on the second day of the Swell conference. This year’s event is taking place in Singapore and seeks to bring experts from across the world to talk about blockchain in the financial sector.

Past events of this nature have caused a surge in the price of XRP. For instance, the Swell 2017 saw XRP spike in the days leading to the conference. A 220% surge was witnessed in 2018 before the conference commenced. However, in 2019 the opposite is happening as XRP continues in its meltdown. Technical analysts like Alex Sunders remain bearish and disappointed in the performance of XRP.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300. A shall green candle on a weekly chart is a promising signal, though the market is still gripped with uncertainty at this stage. 

More Bitcoin News

XRP/USD drops below $0.2000 after a failure at $0.2030

XRP/USD tested the intraday high at $0.2031, but the strong resistance located around this area discouraged the short-term bulls and pushed XRP/USD below $0.2000 by press time.

More Ripple News

ETH/USD breaks out into the $220 zone, will it be $230 or $210 next?

Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.

More Ethereum News

EOS/USD slumps below 4-hour SMA200, focus on $2.54

EOS/USD attempted a recovery above 4-hour SMA200 (currently at $2.65) and touched the intraday high at $2.67. However, the upside momentum proved unsustainable as the price of the digital asset dropped to $2.62

More EOS News


Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast