Ripple (XRP) ends the SWELL conference but the range-bound market continues; what will the price do next? — October 4 Chart Analysis
Ripple and FLR? The joint conference "SWELL" hosted by Ripple ended on October 3 in Japan time. Virtual currency Ripple (XRP) had shown a downward trend in last year’s SWELL after its conclusion, but this year’s SWELL did not show a large decline and has continued a range-bound market. What kind of price movement will Ripple show in the future? We will check the charts.
A bullish signal is forming from the XRP (XRP) chart
During the price movement around October 1 to October 2 and 3 when SWELL was held, XRP faded downward, but the decline was small and stayed within the range established since September 21. Even in today, October 4, after SWELL concluded, XRP has not shown a major decline and continues in a range-bound market.
In XRP’s current chart, it is approaching a rising wedge-like pennant pattern with the upper price around 0.000093 BTC and the lows gradually rising. If the pennant pattern completes, XRP is more likely to see further upside.
Key points to watch: XRP’s 200-day moving average is rising from below. If XRP can continue to hold the rising price lows, there is a scenario where it could be pushed up and break out by the 200-day moving average.
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