{"id":403610,"date":"2019-11-07T18:00:08","date_gmt":"2019-11-07T18:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=403610"},"modified":"2019-11-07T16:38:24","modified_gmt":"2019-11-07T16:38:24","slug":"could-a-post-swell-ripple-dump-cause-xrp-to-drop-another-50","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/could-a-post-swell-ripple-dump-cause-xrp-to-drop-another-50\/","title":{"rendered":"Could a Post-Swell Ripple Dump Cause XRP To Drop Another 50%?"},"content":{"rendered":"

This week kicks off the annual Swell event hosted by Ripple<\/a>, which gathers together the greatest minds and influencers from the crypto and general finance space under one roof to talk about the future of fintech. <\/span><\/p>\n

Each year, the conference causes a pump<\/a> leading up to it, but later dumps following Swell in a \u201cbuy the rumor, sell the news\u201d type selloff. One crypto analyst believes that if the dump gets severe enough, it could cause another 50% drop in XRP price. <\/span><\/p>\n

Annual Conference Causes Ripple Price to Swell<\/span><\/h2>\n

Back in 2017, Ripple first began its annual Swell conference<\/a> where it has hosted big names like former\u00a0United States President Bill Clinton, former Fed Chairman Dr. Ben Bernanke, and Sir Tim Berners-Lee, regarded as the inventor of the world wide web.<\/span><\/p>\n

The surge in interest around the company and their native cryptocurrency, XRP<\/a>, and the expectation of hot industry news breaking during the event, often leads to a pre-event pump<\/a>, driving up the price of XRP.<\/span><\/p>\n

Related Reading | Will Upcoming Ripple Conference Cause XRP Price to Swell?<\/a><\/strong><\/em><\/p>\n

Even this year, Ripple had fallen to a new low of $0.24 cents per XRP token, and as the Swell conference inched closer and closer, the crypto asset rebounded back to $0.30 where it is currently trading.<\/span><\/p>\n

But now that the event itself is underway, investors may be preparing to \u201csell the news\u201d and dump any XRP bought in anticipation of a more significant pump. And if the dump gets severe enough, according to one crypto analyst, it could push XRP below current support, resulting in another 50% drop from current levels.<\/span><\/p>\n

https:\/\/twitter.com\/teddycleps\/status\/61680128?s=21<\/p>\n

XRP Price At Risk of 50% Drop Following Sell the News Event<\/span><\/h2>\n

With Swell in full effect, the pre-event pump phase<\/a> has already passed, and the XRP\/BTC trading pair failed to gain enough momentum from the event to break through a 600-day long diagonal resistance. The rejection at diagonal resistance has put the crypto asset at risk of a further fall to the next support level.<\/span><\/p>\n

As one crypto analyst points out, a gap lies below current support and if it fails, XRP could fall from a price of 3100 sats currently, to as low as 1400 sats \u2013 the next level of support dating back to late 2017 \u2013 just before the asset skyrocketed to its all-time high.<\/span><\/p>\n

Related Reading | Ripple Whale: It Only Takes $20,000 To Become a XRP One-Percenter\u00a0<\/a><\/strong><\/em><\/p>\n

The fall to that level of support, however, may be the launchpad Ripple needs to take the price of XRP through diagonal resistance and back to prices closer to the all-time high it set back in 2018 \u2013 of nearly $4 per token.<\/span><\/p>\n

Ripple<\/a> is still currently down over 90% from that all-time high price of $3.82 it set back in January 2018. To return to that number, Ripple would need to have an over 1,100% gain from current prices.<\/p>\n

Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"
This week kicks off the annual Swell event hosted by Ripple, which gathers together the greatest minds and influencers from the crypto and general finance space under one roof to talk about the future of fintech. Each year, the conference causes a pump leading up to it, but later dumps following Swell in a \u201cbuy the rumor, sell the news\u201d type selloff. One crypto analyst believes that if the dump gets severe enough, it could cause another 50% drop in XRP price. Annual Conference Causes Ripple Price to Swell Back in 2017, Ripple first began its annual Swell conference where it has hosted big names like former\u00a0United States President Bill Clinton, former Fed Chairman Dr. Ben Bernanke, and Sir Tim Berners-Lee, regarded as the inventor of the world wide web. The surge in interest around the company and their native cryptocurrency, XRP, and the expectation of hot industry news breaking during the event, often leads to a pre-event pump, driving up the price of XRP. Related Reading | Will Upcoming Ripple Conference Cause XRP Price to Swell? Even this year, Ripple had fallen to a new low of $0.24 cents per XRP token, and as the Swell conference inched closer and closer, the crypto asset rebounded back to $0.30 where it is currently trading. But now that the event itself is underway, investors may be preparing to \u201csell the news\u201d and dump any XRP bought in anticipation of a more significant pump. And if the dump gets severe enough, according to one crypto analyst, it could push XRP below current support, resulting in another 50% drop from current levels. https:\/\/twitter.com\/teddycleps\/status\/61680128?s=21 XRP Price At Risk of 50% Drop Following Sell the News Event With Swell in full effect, the pre-event pump phase has already passed, and the XRP\/BTC trading pair failed to gain enough momentum from the event to break through a 600-day long diagonal resistance. The rejection at diagonal resistance has put the crypto asset at risk of a further fall to the next support level. As one crypto analyst points out, a gap lies below current support and if it fails, XRP could fall from a price of 3100 sats currently, to as low as 1400 sats \u2013 the next level of support dating back to late 2017 \u2013 just before the asset skyrocketed to its all-time high. Related Reading | Ripple Whale: It Only Takes $20,000 To Become a XRP One-Percenter\u00a0 The fall to that level of support, however, may be the launchpad Ripple needs to take the price of XRP through diagonal resistance and back to prices closer to the all-time high it set back in 2018 \u2013 of nearly $4 per token. Ripple is still currently down over 90% from that all-time high price of $3.82 it set back in January 2018. To return to that number, Ripple would need to have an over 1,100% gain from current prices. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":403615,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,16894],"tags":[6664,3680,16368,4531,4532],"class_list":["post-403610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ripple","tag-crypto","tag-ripple","tag-swell","tag-xrp","tag-xrp-btc"],"acf":[],"yoast_head":"\nCould a Post-Swell Ripple Dump Cause XRP To Drop Another 50%?<\/title>\n<meta name=\"description\" content=\"This week kicks off the annual Swell event hosted by Ripple, which gathers together the greatest minds and influencers from the crypto and general finance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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