- Ripple Kickstarts this Year’s Annual Swell Conferences
- Ripple’s XRP at Risk of 50% Decline
This week started with the annual Swell event hosted by Ripple that brings together the greatest minds and influencers from the crypto and whole finance sphere under the same roof to discuss the future of Fintech. This has been a regular event for the company, every year the conference causes a price surge in the days leading to the event, and usually slump back following Swell n what is known as “buy the rumor, sell the news” selloff. A prominent crypto analyst commented on this development, he thinks that if the price decline gets stern, it could cause another 50% decline in the XRP price.
XRP (XRP) Price Today – XRP / USD
Name Price 24H % $1.12 1.56%
Previously in 2017 when Ripple began its annual Swell conference, it hosted prominent people like the former Chairman Dr. Ben Bernanke, former United States President Bill Clinton, and Sir Tim Berners-Lee. The surge in interest surrounding XRP currently is expected as has been recorded during the Swell event, there is usually a pre-event pump surging up the price of XRP.
Ripple’s XRP at Risk of 50% Decline
This year, Ripple has dropped to a new low of $0.24 per XRP token, and as the Swell conference draws closer and closer, the crypto asses bounced back to its current trading price at $0.30. Now that the event is underway, investors seem to be preparing to “sell the news” and drop any XRP acquired in preparation for a more substantial surge. Also if the decline gets severe, it could shove the coin below the current support level, ending in another 50% decline from its current levels.
A prominent analyst @teddycleps took to his Twitter page to share his view on the likely price trend of XRP. He stated: “#RIPPLE $XRP Genuinely do NOT understand why everyone is bullish on this? Diagonal resistance didn’t break in 600 days (recent rejection), Huge 50% gap to next support, Rejected from previous support, now resistance, SWELL DUMP, – It’s @Ripple c’mon.”
With the Swell Event already in full motion, the pre-event surge phase has already passed, and the XRP/BTC trading pair has failed to gain adequate momentum from the event to break a 600-day long resistance. Ripple’s XRP trading price is currently down over 90% from that all-time high price of $3.82, retesting a price far back to January 2018. Ripple would need to have a total of 1.100% profit from its current prices to get back to that figure.