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

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

AccessTimeIconOct 4, 2017 at 3:15 p.m. UTC
Updated Sep 13, 2021 at 7:00 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.