Ripple-Hosted Swell Conference Causes Underwhelming Price Pump

Ripple-hosted Swell-conference usually spikes the price of the altcoin but this time, it did an underwhelming boost for the price as we are about to see in the analysis in the ripple cryptocurrency news.

Each year, the Ripple-hosted Swell conference causes a strong XRP price pump which leads to an increase in the price which eventually corrects in the post-event sell-off back to normal price ranges. This year, the pump was extremely underwhelming and according to one crypto analyst, the conference amounted to nothing more than a bearish retest that was rejected, only signaling that XRP may have a lot further to drop.

The annual conference is considered as a gathering of the finest minds in the financial sector and the payments space which puts a central focus on the company’s products and services as well as Ripple protocol’s native cryptocurrency token-XRP. Over the past year, the conference acted as a stage for big names like the ex-President Bill Clinton and the former FED chairman Dr. Ben Bernanke and Sir Tim Berners-Lee, who is often considered to be the inventor of the world wide web.

With so much buzz expected from the event, the investors started loading up on XRP in advance of each year’s event thus causing the price of the asset to increase as well. This year was no different and the price of the token increased from the fresh bear market low at 21 cents for each XRP to as high as 31 cents before the asset was rejected since the sell-off began. The resulting Swell pump and further rejection according to one crypto analyst, was nothing more than just a bearish retest of the diagonal support turned resistance and not that the altcoin has been diverted from the key resistance on high timeframes, XRP is now again at risk of falling much further.

Interestingly, the support where the Ripple Swell pump was rejected from also coincided with the 50-week and 200-week moving averages but the altcoin was unable to close a weekly candle above either of the key moving averages. Bellow the current price levels, the horizontal support lies at about 14 cents per XRP which is a support level dating back to 2017 bull’s market.