XRP uptrend stalls ahead of Swell conference

October 14, 2020
By Benson Toti

XRP price stalls around $0.26 with the next move likely to mirror Bitcoin’s

Ripple’s price has been trending green for seven consecutive days, with its value hitting highs of $0.26. However, momentum has cooled off in the past 24 hours, with prices stalling beneath the crucial price level.

Last week saw Ripple executives talk publicly about the company exiting the US if regulatory uncertainty continued.

Even ahead of the Ripple Swell conference, the company’s CEO Brad Galinghouse reiterated the same message as that of Executive Chairman Chris Larsen:

“The lack of a single national regulatory framework is putting US innovation and US companies at a significant disadvantage. All we’re asking for is a level playing field – if we need to move to another country to get that, then that’s the path we will have to take.”

As of writing, XRP/USD is trading around $0.255, just under 5% up over the past seven days.

XRP/USD price

XRP’s price is largely unchanged on the hour-to-hour and day-to-day basis, with the altcoin’s value trading 0.00% and -0.70% over the two time frames.

Still, bears might have a say if the price action observed over the past few hours holds. The technical picture also suggests XRP might settle within a tight range below $0.26, alluded to by the mixed signals posted by the moving averages.

The outlook for the fourth largest crypto asset by market cap could change for the better if there’s positive news out of the two-day Swell event.

XRP has failed to break above $0.26 for several days now, with the area providing a stiff barrier.

A break above this area of resistance, with a daily candle in the green, will invalidate the reversal picture and set bulls to a potential retest of $0.30. If selling pressure pushes XRP/USD beneath the moving averages, a drop to lows of $0.24 would be more likely.

Analysts suggest that any potential confirmation for Ripple’s native asset will depend on what Bitcoin does in the short term.

BTC/USD has retreated to prices around $11,300 after surging to highs of $11,700. A break below $11K and extended sell-off could spell bad news for Ripple and the rest of the altcoin market.

“XRP won’t be immune to a bitcoin dump for now. Not much will,” pseudonymous trader and crypto analyst Credible Crypto says.