The Swell conference is being held in Singapore during November 7-9. It is considered the most significant conference organized by Ripple, the creators of XRP. The conference aims to bring influential speakers from the technology, financial services, and the payment industry.
During the previous two years, the XRP price has significantly increased prior to this conference. However, this has not been the case this year, since XRP has been consolidating for the past two weeks. There has been positive news in the XRP ecosystem, mainly resulting from MoneyGram’s praise of its partnership with Ripple in order to utilize blockchain capabilities for money transfers.
The technical outlook for the XRP price remains bullish and we believe that the price will soon revisit the highs at 3800 satoshis.
Crypto trader @CredibleCrypto stated that during the Swell conference, a Peruvian bank announced that they have switched from xCurrent, a software used by Ripple to xRapid, another similar but slightly different software.
1 of Ripples 300 customers that has decided to start utilizing ODL (REQUIRES $XRP) after using xCurrent over for a year. This is the game plan. Sign customers up with xCurrent, and convert them over to ODL when ready. Over 24 institutions using $XRP (ODL) right now. https://t.co/gbOaHiCctd
— Credible Crypto (@CredibleCrypto) November 7, 2019
The main difference is that in order to use xCurrent you do not need the native token, XRP, but you do for xRapid. Therefore, the use of the latter could have a positive effect on the price.
Let’s take a closer look at the XRP price movement and see if its future outlook is bullish.
XRP’s Long-Term Bottom
Once XRP reached a long-term bottom at 2300 satoshis, it began to move upward. It created six bullish candles in a row before beginning to decrease.
The bottom was accompanied by both bullish divergence in the RSI and a bullish cross in the MACD.
In the short-term, XRP has created a double bottom at the minor support area of 3100 satoshis.
Again, this has been combined with a very significant bullish divergence in both the RSI and the MACD.
Additionally, the price has created two very long lower wicks, indicating that there is buying pressure.
This makes us believe that XRP will again revisit the highs near 3800 satoshis and possibly move higher. We go into this a little more in a video, which you can view below:
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of TradingView, Twitter.
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