Swell the News? XRP Drops 5% as Ripple’s Flagship Event Kicks Off

Swell the News? XRP Drops 5% as Ripple’s Flagship Event Kicks Off

Ripple’s annual Swell conference has failed to induce positive price action for associated token XRP, data following the event shows. Price data from Coin360 covering XRP/USD showed selling pressure take over on Nov. 7, as the two-day conference continues. 

Swell has no impact on XRP

Having reached local highs above $0.30 on Monday, the pair began expanding as Swell began but subsequently saw a rejection at just above $0.31.

At press time, XRP was back below the $0.30 mark, trailing at $0.28 on major exchanges, its lowest price since the beginning of the month. 

XRP 7-day price chart. Source: Coin360

The disappointing performance contrasted with attendees’ positivity and did not go unnoticed among cryptocurrency traders on social media. 

Swell traditionally sees Ripple executives deliver future plans for the payment network, but has increasingly metamorphosed into a phenomenon of its own. The company is known for its controversial army of social media advocates, who wasted no time in advertising the event to bolster the reputation of both Ripple and XRP. 

“Incredible opening. The energy here is beyond anything I can explain. You can feel the excitement all around you,” one attendee, Twitter user Life’s Tough Media, summarized.

Ripple CEO: Never mind the price

XRP has suffered a similar fate to the majority of altcoin tokens since the cryptocurrency bear market of 2018. XRP/USD is down over 90% against its all-time highs above $3.20.

In a mainstream media interview this week, CEO Brad Garlinghouse nonetheless predicted a mass extinction event across crypto markets, with only 1% of current coins surviving. 

“I don’t think about the price of XRP in the short term,” he claimed. 

Published at Thu, 07 Nov 2019 11:46:00 +0000