- Ripple organise Swell conefernce every year where techies around the world come to attend the conference.
- Swell conference expected to push the price but failed to cast any impact as a result signalling the XRP may fall a lot more further.
The result of Swell – driven XRP pump in Bearish Retest and Rejection.
Ripple’s annual conference is a platform for the finest mind in the finance sector and payment space to gather in a same room, discussing the companies products and services as well as ripple’s future.
In the past year the stage was lit by the big names like former United States President Bill Clinton, former fed chairman Dr. Ben Bernanke, and Sir Tim Berners-Lee, who is said to be the founder of World Wide Web.
With so much spotlight on the event investors saw potential on our XRP in start loading it in their asset box, causing a hike in the XRP price. It started as usual at the beginning of the event and the price of the XRP rose by 21% per hour XRP but soon it crashed and sell off begin.
These turn of events have caused a chaos in the XRP market and it is at a risk of falling much further, according to one of the crypto analyst.
Rejection of the Ripple coincides with long term moving averages
Interestingly XRP was not able to close anywhere near to its existing targets of the both 50 week and 200 week and it coincides with where the Ripple swell pump was rejected. So this may be a signal that an another massive decline is in the way.
The stop loss support threshold lies roughly at 14 cents per XRP which dates back to 2017 crypto bull market. XRP could show a lot deeper dip if somehow it couldn’t hold to it’s threshold value, it could be seen on the levels of 3 cents per hour XRP which is quite low.
The long term support for XRP is at 1 cent. However this price could only be seen if it dips 90% from it’s current price which would be quite devastating as ripple has already shown a dip of 90% from it’s all time high price of $3.80.