XRP has been struggling for the past several weeks to break above its near-term resistance level that exists around $0.30, as every movement towards or above this region has been met with a notable amount of selling pressure that pushes it back into the $0.20 region.
One prominent cryptocurrency analyst is now explaining that it’s decision time for XRP, and that the markets will soon know whether or not the highly anticipated “Swell pump” will actually come to fruition.
XRP Breaks Above $0.30; But Will Bulls Maintain Its Momentum?
At the time of writing, XRP is trading up 2% at its current price of $0.302, which marks a notable climb from its recent lows of roughly $0.29.
Prior to the meteoric rally incurred by Bitcoin and a few other major altcoins late-last week, XRP had been performing relatively well compared to other crypto assets, although its inability to climb above $0.30 led many analysts to believe that its bulls were weak despite its stability in the upper-$0.20 region.
Earlier this week, Luke Martin, a popular cryptocurrency analyst on Twitter, explained that he believes the chance for XRP to pump based on the upcoming Swell event hosted by Ripple has passed, and that further losses were inbound.
“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.
Back to where it started. Maybe next swell! pic.twitter.com/bsAp7jw15m
— Luke Martin (@VentureCoinist) October 27, 2019
In spite of this sentiment, other analysts are still noting that XRP could pump in the near-term as it inches above is resistance level at $0.30, which could mean that a late Swell rally is imminent.
Loma, another popular crypto analyst, explained in in a recent tweet that XRP has reached a decision point, and that its near-term price action will probably determine whether or not the Swell pump will “be a success” this year.
“$XRP: For my USD-pairing friends. Also drawn a few days ago. H4 TF looks like we’re about to find out if Swell is gonna be a success or not,” he explained.
For my USD-pairing friends.
Also drawn a few days ago.
H4 TF looks like we're about to find out if Swell is gonna be a success or not.. pic.twitter.com/svtBle5DMp
— Loma (@LomahCrypto) October 29, 2019
The coming few hours and days will likely provide significant insight into the status of the potentially imminent Swell pump, and investors should closely watch to see if XRP is able to hold above $0.30 for an extended period of time.