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Election 2024

Ripple Price Consolidates, But Could It 'Swell' Higher?

Price action and historical analysis suggests brighter days ahead for the XRP/USD exchange rate.

By Omkar Godbole
AccessTimeIconOct 4, 2017 at 3:15 p.m. UTC
Updated Aug 18, 2021 at 7:06 p.m. UTC
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ripple-xrp

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

    download-11

    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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