Coingape - 11/8/2019 1:35:10 PM - GMT (+0 )
- Ripple’s Swell conference fails to stir pump in XRP breaking a two-year streak.
- XRP is holding above $0.27 but is still in grave danger of testing $0.25.
Ripple is holding the 2019 Swell conference in Singapore. The event is in its second and is catching momentum with some great news from the company. Ripple has announced a news service, RippleNet Home that will connect its partners and allow them to collaborate for new markets.
While the Swell conference is swelling with great talk and good news about Ripple and its products, the same cannot be said about XRP. The token’s price has since the beginning of the conference broken several support areas. Prior to the conference, XRP briefly surged above $0.31. However, a double-top pattern formed leaving the door wide open for the bears to have their field day.XRP/USD 4-hour chart XRP/USD price chart by Tradingview
The reaction pattern coupled with lack of credible support areas has seen XRP explore the levels towards $0.265. For now, Ripple is trading at $0.279 while the immediate upside is limited at $0.28. Gazing higher, the 38.2% Fib retracement level taken between the last drop from $0.3153 to a low of $0.2641 is pressing down against recovery attempts.
If XRP fails to recovery above $0.29, the next stop is going to $0.25 (previous support). The Relative Strength Index (RSI)) is almost entering the oversold territory. It is disappointing that even after such a drop from $0.30 XRP is not yet oversold. In other words, XRP could continue to gravitate amid the ongoing Swell conference.
The conference has in the past led to a pump in Ripple price. However, this year Ripple is dumping during the same conference. The drop from $0.31 could also have been caused by profit-taking investors following the lack of potential to correct higher.XRP Key Technical Levels
Spot rate: $0.2795
Relative change: -0.0108
Support $0.27 and $0.25
Resistance: $0.28 and $0.30
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