- Ripple (XRP) has been slowly positioning to take out a key resistance and start a bull market.
- Unfortunately, even the Swell conference cannot help the cause of the cryptocurrency.
- Analysts continue to be bearish on Ripple as the crypto token succumbs to profit-taking.
Ripple (XRP) has been flirting with the possibility of a breakout and trend reversal over the last two weeks. Peter Brandt, the most followed trader on Twitter, appears to be closely monitoring the price action of the cryptocurrency. On Oct. 26, just as XRP climbed above resistance of $0.3038, Brandt shared a chart that shows a possible trend reversal.
Peter Brandt seeing a diamond bottom as long as Ripple closes above $0.3038. | Source: Twitter
Unfortunately, an uptrend failed to materialize as Ripple continues to trade below Brandt’s key level. Today, however, there was a lot of excitement behind the third-largest cryptocurrency as Ripple hosts the Swell conference in Singapore. The event may have helped push XRP above $0.3038, which prompted Brandt to revisit his diamond bottom scenario.
Swell Has Been a Bullish Catalyst in the Past
The Swell conference is a highly-anticipated event for avid Ripple fans and holders. In 2017, XRP surged by 115% before the conference. In 2018, the crypto token skyrocketed 220% before the event. Many Ripple followers were expecting a similar pump leading to the conference.
Ripple price action before and after Swell. | Source: Twitter
Expectations may have risen hours before the event as Ripple announced surpassing 300 customers. Earlier today, the crypto token climbed as high as $0.31500. This got investors a little excited.
The move caught the attention of Brandt:
Ripple in the midst of a fakeout. » Read Full Article «