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Ripple Price Consolidates, But Could It 'Swell' Higher?
Price action and historical analysis suggests brighter days ahead for the XRP/USD exchange rate.
Updated Sep 13, 2021, 7:00 a.m. Published Oct 4, 2017, 3:15 p.m.
The cryptocurrency that powers Ripple's XRP ledger is showing signs it may be consolidating ahead of a boost.
At press time, the XRP-U.S. dollar (XRP/USD) exchange rate seems to be building a base around $0.20-levels. The third largest cryptocurrency by market capitalization has gained 2.56 percent in the last 24 hours.
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Elsewhere, Ripple news was quiet, and no major news was observable on its major channels and company forums. But, while week-on-week XRP is trading dead flat, it's possible traders see opportunity in an upcoming event sponsored by Ripple.
Notably, this month, Ripple is to host "Swell" – an event aimed at bringing the world's financial leaders together to network and discuss trends and strategies. Swell will go head-to-head with Sibos, Swift's annual banking and financial conference scheduled for October 16–19 in Toronto, Canada, and bring in speakers including World Wide Web creator Tim Berners-Lee.
As search volumes have shown to be heavily correlated with cryptocurrency price activity, this could foreshadow brighter days ahead for the XRP/USD exchange rate.
Still, it's possible that ripple is simply trading sideways alongside the general market.
Daily chart
Our daily chart shows:
- The bullish break of the falling channel on September 25 was followed by a higher-highs/higher-lows (rising channel) pattern.
- A bullish crossover between the 50-day moving average and 100-day moving average was confirmed on October 2.
View
- XRP looks set to revisit $0.23–$0.24 levels in the short term. A break below $0.1984 (confluence of 100-day moving average and rising channel support) would abort the short-term bullish view.
- A bullish-to-bearish trend change would be confirmed if XRP drops below $0.188 (September 29 low).
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.
XRP image via Shutterstock
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