Sato-Xi speech on blockchain adoption in China saw Bitcoin (BTC) grow by 40% in a day (only the third time in its history) pulling along top altcoins with it – most seeing 25%-100% growth in less than 72 hours after the speech. However, one token did not experience the “mini alt-season” (with exception of stablecoins), XRP.
The bullish trend that followed China’s president’s speech did not have an ‘explosive effect’ on the price of XRP as the digital asset oscillated around $0.29 USD, rising barely a percentage or two during the mini all-season.
Well, this is no new trend for investors who have seen the price of XRP dwindle to lows of $0.22 USD since hitting an all-time high price of $3.30 USD in January 2018.
XRP performed poorly against both the dollar and BTC in 2019. Has the price bottomed out?
XRP finally bottomed?
According to crypto trader, Peter Brandt, XRP is breaking out from a diamond pattern which signals a reversal from the long bear momentum in the market. In a series of tweets, Brandt says XRP has finally bottomed out and a break above $0.3801 USD will set the coin towards a trajectory of 50%+ gains.
Peter Brandt stated on Twitter,
The diamond pattern has always been a top pattern among traditional markets. I suppose pattern might work for a bottom in crypto markets. If you want to know what a very clean diamond looks like, see $XRP pic.twitter.com/nu5sUS01TT
— Peter Brandt (@PeterLBrandt) October 25, 2019
If the price, currently at $0.03004 USD, manages to close above the support level at $0.3801, bulls will push the price towards the upper resistance level at $0.4691, Peter wrote on Twitter.
A dawn for XRP at Swell?
The situation on XRP charts is being closely monitored by investors with the Ripple Swell Conference coming up on November 7th and 8th. The highly anticipated conference may see the price move higher with investors expecting positive news from the largest XRP custodians.
One key announcement is the partnership between Ripple and Instimatch, a Switzerland based money market fund, to integrate RippleNET systems and a possible use of XRP to settle the transactions. Instimatch joined R3 Corda earlier in the year and a possible use of XRP is not off the table.
On a question on when the firm is launching on Corda, they responded,
Our front end is ready. We are just closely monitoring developments between Swift and XRP before we make our choice of payment providers.
— Instimatch Global (@instimatch) October 29, 2019
Instimatch might add XRP to its R3 Corda project over SWIFT.
If positive news from the Swell conference pump the price of XRP to the target resistance at $0.50 USD, the coin will have experienced a remarkable feat of 60% returns since the start of October. However, according to one XRP page, investors should manage their expectations towards the conference to avoid disappointment.
Images from Coinmarketcap, Twitter/ @PeterLBrandt, @Instimatch and @XrpCenter