XRP was previously one of the most bullish altcoins in the aggregated crypto markets prior to Bitcoin’s meteoric surge this past Friday, but XRP was not able to mirror BTC’s recent gains and has failed to move above its key near-term resistance level on several occasions over the past week.
Analysts are now noting that XRP is not likely to incur any further momentum in the near-term, as the time for its prophesied “Swell pump” has passed.
XRP Stuck Beneath Resistance as “Swell Pump” Disappoints Investors
At the time of writing, XRP is trading up marginally at its current price of $0.297, which marks a slight climb from its daily lows of $0.292.
XRP has been struggling over the past several days and weeks to break above $0.30, which appears to have been solidified as a strong resistance level that will require a significant influx of buying pressure to be broken above.
Earlier this week, multiple analysts had been targeting the 0.00004 BTC price as a key resistance level that they expected the crypto to visit in the near-term, but the combination of its recent bout of sideways trading and Bitcoin’s parabolic rally stopped XRP in its tracks, and it was not able to visit the region.
“$XRP | Keep it simple,” Crypto Rand, a popular cryptocurrency analyst, concisely noted in a recent tweet while referencing the aforementioned target at 0.00004 BTC.
Luke Martin, another popular cryptocurrency analyst, had also been targeting this price level as a final target for the highly anticipated “Swell pump” that many analysts had been looking towards as a catalyst for further gains for XRP.
“Wrapping up this thread as I don’t have any interest in $XRP anymore. The theme worked all the way through October until Bitcoin took off. Did not reach the final 4000 sat target. Back to where it started. Maybe next swell!” He explained.
Wrapping up this thread as I don't have any interest in $XRP anymore.
The theme worked all the way through October until Bitcoin took off. Did not reach the final 4000 sat target.
It is important to note that Ripple’s annual Swell conference is set to occur in roughly one week, and it has historically coincided closely with XRP price pumps the occur in the weeks prior to the event.
Because there was no well-define “Swell pump,” it is likely that this year was an anomaly, and further losses could be imminent unless most major altcoins begin incurring massive upwards momentum.