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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Annual XRP Swell Pump Amounts To Bearish Ripple Retest

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
xrp ripple swell bearish retest

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Each year, the annual Ripple-hosted Swell conference causes a strong XRP price pump leading up to the event, but the asset typically corrects in a post-event sell-off back to normal price ranges.

This year, the pump was underwhelming, and according to one crypto analyst, has amounted to nothing more than a bearish retest that was rejected, signaling that XRP may have a lot further to fall.

Swell-Driven XRP Pump Results in Bearish Retest and Rejection

Ripple’s annual conference acts as a gathering of the finest minds in the finance sector and payments space, putting a central focus on the company’s many products and services, as well as Ripple protocol’s native cryptocurrency token, XRP.

Related Reading | Ripple Swell Conference: XRP Price Pumps and Dumps in the Past, Will History Repeat?

In past years, it’s acted as a stage for big names like former United States President Bill Clinton, former Fed Chairman Dr. Ben Bernanke, and Sir Tim Berners-Lee, often considered to be the inventor of the world wide web.

With so much news and buzz expected from the event, investors begin loading up on XRP in advance of each year’s Swell, causing the price of the asset to swell, as well. This year was no different, and the price of XRP rose from a fresh bear market low at 21 cents per XRP, to as high as 31 cents before the asset was rejected and a sell-off began.

$XRP Imagine holding this crap for a year with the hopes of a Swell pump only to get a bearish retest.

Absolutely necccable pic.twitter.com/mDcueWMyGF

— the dude (@cryptodude999) November 20, 2019

The resulting Swell pump and following rejection, according to one crypto analyst was nothing more than a bearish retest of former diagonal support turned resistance. And now that the asset has been rejected from key resistance on high timeframes, XRP is at risk of falling much further.

Ripple Rejection Coincides With Long-Term Moving Averages, Is 1 Cent Ripple Ahead?

Interestingly, the diagonal support where the Ripple Swell pump was rejected from also coincided with a retest of both the 50-week and 200-week moving averages. XRP was unable to close a weekly candle above either of the key moving averages, and it could signal that another massive decline is coming.

Below current price levels, horizontal support lies at roughly 14 cents per XRP – a support level dating back to the 2017 crypto bull market. If support there cannot hold, a far deeper drop would be possible, one that would take the price per XRP to as low as 3 cents per XRP.

Related Reading | Could a Post-Swell Ripple Dump Cause XRP To Drop Another 50%?

Long-term support lies back as low as one cent or lower per XRP, which would take Ripple back to pre-crypto bubble prices. However, such a drop would represent another 90+ percent fall from current prices – and Ripple is already down over  90% from its all-time high price of $3.80.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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