- 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.
I actually thought @Ripple had surprisingly good news today. Turning out to be the not so swell conference! Was everyone leveraged long $XRP expecting a pump? This is a massive sell off all things considered?! pic.twitter.com/xhU3wKm2xW— Alex Saunders (@AlexSaundersAU) November 7, 2019
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