Ripple (XRP) Disappoints as It Dumps Big on the First Day of Swell Conference

Ripple (XRP) Disappoints as It Dumps Big on the First Day of Swell Conference 1
  • Ripple (XRP) has been slowly positioning to take out a key resistance and start a bull market.
  • Unfortunately, even the Swell conference cannot help the cause of the cryptocurrency.
  • Analysts continue to be bearish on Ripple as the crypto token succumbs to profit-taking.

Ripple (XRP) has been flirting with the possibility of a breakout and trend reversal over the last two weeks. Peter Brandt, the most followed trader on Twitter, appears to be closely monitoring the price action of the cryptocurrency. On Oct. 26, just as XRP climbed above resistance of $0.3038, Brandt shared a chart that shows a possible trend reversal.

Peter Brandt seeing a diamond bottom as long as Ripple closes above $0.3038. | Source: Twitter

Unfortunately, an uptrend failed to materialize as Ripple continues to trade below Brandt’s key level. Today, however, there was a lot of excitement behind the third-largest cryptocurrency as Ripple hosts the Swell conference in Singapore. The event may have helped push XRP above $0.3038, which prompted Brandt to revisit his diamond bottom scenario.

Swell Has Been a Bullish Catalyst in the Past

The Swell conference is a highly-anticipated event for avid Ripple fans and holders. In 2017, XRP surged by 115% before the conference. In 2018, the crypto token skyrocketed 220% before the event. Many Ripple followers were expecting a similar pump leading to the conference.

Ripple price action before and after Swell. | Source: Twitter

Expectations may have risen hours before the event as Ripple announced surpassing 300 customers. Earlier today, the crypto token climbed as high as $0.31500. This got investors a little excited.

The move caught the attention of Brandt:

Ripple in the midst of a fakeout. | Source: Twitter

Ripple bulls needed to hold $0.3038. According to Brandt, a move above this resistance would push the coin to $0.46912 for a massive 50% pump.

Unfortunately, the bears won the day as the crypto token suddenly took a nosedive.

Analysts are Bearish on Ripple

Even with a supposedly bullish event to catalyze the breakout, Ripple continues to succumb to profit-taking. As a result, analysts have a gloomy outlook on the crypto token. For instance, Tomàs Sallés, Technical Analyst, Financial Writer at FXStreet.com told CCN,

The XRP/USD pair suffers in the short term from the inability to break above the key level of $0.31. The falls can continue.

Sallés is joined by Alex Saunders, chief executive of NuggetsNewsAU, who posted a bearish chart of Ripple on Twitter.

Ripple taking out longs. | Source: Twitter

Saunders appears to have a plausible scenario. It is possible that retail traders expected a pump on the days leading to the Swell event. Ripple gave that impression as it closed above $0.3038 on Wednesday. However, those who longed the cryptocurrency over the last two days are likely sitting on losses. As of press time, XRP is down about 7% from its intraday high.

Trader Teddy is also bearish on the third-largest cryptocurrency. In a tweet, he says that he doesn’t get why anyone would have a bullish stance on Ripple. Apparently, the coin is respecting a massive diagonal resistance.

It might be extremely difficult for Ripple to reverse its trend. | Source: Twitter

The Swell conference may have been a bullish catalyst over the last two years. This year, however, the event appears to be having the opposite effect. It goes to show that past results are not always indicative of future performance.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin, Ripple (XRP), and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

This article was edited by Sam Bourgi.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 61,823.00
ethereum
Ethereum (ETH) $ 4,269.93
binance-coin
Binance Coin (BNB) $ 493.51
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.02
solana
Solana (SOL) $ 198.65
xrp
XRP (XRP) $ 1.07
polkadot
Polkadot (DOT) $ 42.64
dogecoin
Dogecoin (DOGE) $ 0.300962
shiba-inu
Shiba Inu (SHIB) $ 0.000065
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 61,823.00
ethereumEthereum (ETH)
$ 4,269.93
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 588.58
litecoinLitecoin (LTC)
$ 193.50
bitcoinBitcoin (BTC)
53.279,99
ethereumEthereum (ETH)
3.679,89
tetherTether (USDT)
0,861815
bitcoin-cashBitcoin Cash (BCH)
507,25
litecoinLitecoin (LTC)
166,76
bitcoinBitcoin (BTC)
44,954.59
ethereumEthereum (ETH)
3,104.88
tetherTether (USDT)
0.72715
bitcoin-cashBitcoin Cash (BCH)
427.99
litecoinLitecoin (LTC)
140.70

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

Bitcoin's Popularity
Top Reasons Why Bitcoin’s Popularity is Growing
October 28, 2021
Ethereum
Everything You Ever Wanted To Know About Ethereum
October 28, 2021
Top 5 Crypto Funds You Should Definitely Follow Too
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,020 1.86 % 3.60 % 7.88 %
Ethereum4,252.0 0.98 % 6.35 % 1.96 %
Binance Coin488.59 1.28 % 7.67 % 2.89 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.000 1.43 % 2.33 % 9.00 %
Solana198.66 0.71 % 4.93 % 13.13 %
XRP1.060 1.84 % 3.95 % 7.62 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2948 3.53 % 21.50 % 15.82 %
Shiba Inu0.00006454 4.22 % 18.55 % 120.73 %

bitcoin
Bitcoin (BTC) $ 61,823.00
ethereum
Ethereum (ETH) $ 4,269.93
binance-coin
Binance Coin (BNB) $ 493.51
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.02
solana
Solana (SOL) $ 198.65
xrp
XRP (XRP) $ 1.07
polkadot
Polkadot (DOT) $ 42.64
dogecoin
Dogecoin (DOGE) $ 0.300962
shiba-inu
Shiba Inu (SHIB) $ 0.000065