XRP Plummets As Long-Awaited Swell Conference Commences – Here’s Why Some Analysts Are Still Bullish

XRP Plummets As Long-Awaited Swell Conference Commences - Here’s Why Some Analysts Are Still Bullish
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Ripple’s most-awaited conference of the year kicked off in Singapore but XRP has remained unmoved unlike many were hoping. In 2017, XRP rose by 115% before the Swell conference while in 2018 the coin gained an impressive 220% prior to Swell. This year, however, Swell has failed to live up to the hype. XRP is currently posting moderate losses and trading below the $0.30 psychological level.

Nonetheless, according to a few analysts, XRP’s technicals indicate that the digital asset is lining up for a bullish breakout.

No Swell For XRP

Swell, the largest annual conference organized by Ripple has historically triggered a rally for XRP. During the event, Ripple execs speak about future plans to explore new use cases for XRP as well as ways to boost the ongoing remittances network, and in most cases, the news is bullish for XRP. This year, however, it has had the opposite effect. Hopes for a Swell rally appear to have been wildly optimistic.

After closing above $0.30 a few days ago, many traders, presumably, anticipated a continued rally owing to the event. However, such traders who took long positions are now counting losses as XRP has shed at least 2.55% of its value at press time. 

XRP surged to a high of $0.3150 as Swell Conference officially started but was unable to hold at that level as it slipped below key $0.30 level. At press time, the coin is trading at $0.292392. This disappointing performance despite the hotly-awaited “Swell Pump” was also pointed out by crypto enthusiasts on Twitter.

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Analysts’ Take On XRP’s Next Move

Analyst going by the name Teddy (@teddycleps) is bearish on XRP. Teddy noted a couple of reasons why he doesn’t see why anyone would be bullish on Ripple (XRP); one of which is the drop in price following the Swell conference.

Yet, veteran trader Peter Brandt believes a rally is still on the cards. Late last month, Brandt noted that XRP was forming a diamond pattern which is indicative of a trend reversal.

Unfortunately, this was not the case as XRP remained well within the bear territory. Brandt explained more about this bullish formation today, stating that his interpretation of the XRP graph is still valid. According to the analyst, if XRP manages to close above $0.3038, it could pump by more than 50% to $0.46912.

Peter Brandt is not alone in the bullish camp. Crypto analyst Eric Choe suggested that XRP is likely to resume rally as long as the coin can stay above the red box that ranges between $0.24654 and $0.28402. If this holds, he expects XRP to climb to $0.45, which is notably close to what Brandt forecasted.

With the possibility of uber-bullish news coming from the Swell conference, this possible bullishness will be confirmed in the coming days as the event continues. While XRP has failed to rally due to the Swell event, according to Ripple CEO Brad Garlinghouse, XRP’s short-term price should not be a cause of concern. In a recent interview, Garlinghouse noted that the underlying developments to boost the liquidity of XRP will finally pay off:

“I don’t think about the price of XRP in the short-term. I think if we can enable XRP to be the most efficient measured by the speed of a transaction and the cost of a transaction, more and more people will use it.”

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