XRP Fails To Increase Prior To The Swell Conference: What’s Next?
BeInCrypto | Nov 08, 2019 12:48AM ET
The Swell conference is being held in Singapore during November 7-9. It is considered the most significant conference organized by Ripple, the creators of XRP. The conference aims to bring influential speakers from the technology, financial services, and the payment industry.
During the past two years, the XRP price has significantly increased prior to this conference. However, this has not been the case this year, since XRP has been consolidating for the past two weeks. There has been positive news in the XRP ecosystem, mainly resulting from MoneyGram’s praise of its partnership with Ripple in order to utilize blockchain capabilities for money transfers.
The technical outlook for the XRP price remains bullish and we believe that the price will soon revisit the highs at 3800 satoshis.
Crypto trader @CredibleCrypto stated that during the Swell conference, a Peruvian bank announced that they have switched from xCurrent, a software used by Ripple to xRapid, another similar but slightly different software.
The main difference is that in order to use xCurrent you do not need the native token, XRP, but you do for xRapid. Therefore, the use of the latter could have a positive effect on the price.
Let’s take a closer look at the XRP price movement and see if its future outlook is bullish.
XRP’s Long-Term Bottom
Once XRP reached a long-term bottom at 2300 satoshis, it began to move upward. It created six bullish candles in a row before beginning to decrease.
The bottom was accompanied by both bullish divergence in the RSI and a bullish cross in the MACD.
In the short-term, XRP has created a double bottom at the minor support area of 3100 satoshis.
Again, this has been combined with a very significant bullish divergence in both the RSI and the MACD.
Additionally, the price has created two very long lower wicks, indicating that there is buying pressure.
Get The News You Want
This makes us believe that XRP will again revisit the highs near 3800 satoshis and possibly move higher. We go into this a little more in a video, which you can view below:
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.