Ripple hosts “Swell” event every year. The event involves the gathering together of the best minds and top influencers in the cryptocurrency domain as well as in the finance world towards the discussion of Fintech’s future. The event for this year started this week.

However, the conference always leads to a surge in price but later declines. An analyst thinks that a serious dump may bring about fresh 50% losses in XRP price. The conference was held for the first time in 2017, with renowned individuals in attendance. The tweet of the analyst is as below:

#RIPPLE | $XRP



Genuinely do NOT understand why everyone is bullish on this?



– Diagonal resistance didn't break in 600 days (recent rejection)

– Huge 50% gap to next support

– Rejected from previous support, now resistance

– SWELL DUMP

– It's @Ripple c'mon



?? pic.twitter.com/WkP5Ef47Pk — TEDDY ⛓️? (@teddycleps) November 7, 2019

People become interested in the firm and their crypto, XRP, and market participants expect groundbreaking news while the conference is ongoing, thereby leading to a pre-conference surge, causing a rise in the price of XRP.

This year, the price of XRP had declined to a fresh low of $0.24 and surged to $0.30 as the event drew nearer. However, the conference is ongoing, and market participants may be looking forward to “sell the news” and dump the coins bought while they were anticipating a further remarkable pump.

Nevertheless, the pre-conference pump phase has gone, and the price of XRP against BTC could not get sufficient momentum from the conference to move above a 600-day long diagonal resistance. This has placed the pair at risk of an additional decline to the immediate support level. However, a decline to such level could form the foundation to bring about a surge to the all-time high price of XRP.

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