No “Swell Pump” This Year? Analyst Scraps his Swell Driven XRP Price Prediction
- “Maybe next swell”: Analyst and trader on XRP’s 4000 sat price prediction
There is now less than a week left in the much anticipated Swell event of Ripple, to be held from November 7 – 8 in Singapore.
As we previously reported, analysts have been predicting the third largest cryptocurrency XRP to start surging two weeks ahead of the Swell event. And that came and went last month and there is nothing yet.
XRP is currently trading below $0.3 at $0.294, up 1.97%, as per Coincodex. However, it is still down 34.49% in the past year in the USD market while in the negative by over 55% in the BTC market.
And this lack of movement in XRP price has once such bullish analyst not so bullish anymore.
Analyst and trader Luke Martin started a thread on XRP price in late September when it was trading around $0.238 level when he stated, “XRP is forming a rounded bottom.”
XRP was actually his “favorite major alt chart for October,” and he predicted the SWELL narrative to be a positive force for the digital asset for the next 30 days that would take it to the 4000 sat zone.
In mid-October, XRP was the “strongest major” when its price went from $0.265 to $0.304.
On Oct. 24, the day the bull run was supposed to happen, Martin wrote this, “14 days until the conference and my outlook remains that we see the full 30% to 4000 sats. Anything past that would be bonus.”
But when it didn’t materialize, he flipped on his projection commenting “maybe next swell.”
Wrapping up this thread as I don't have any interest in $XRP anymore.
The theme worked all the way through October until Bitcoin took off. Did not reach the final 4000 sat target.
Back to where it started. Maybe next swell! pic.twitter.com/bsAp7jw15m
— Luke Martin (@VentureCoinist) October 27, 2019
And for the fact that XRP has been up in USD, Martin says “if something is underperforming Bitcoin, yet up in USD, it's a better use of capital to be in Bitcoin.”
“If something is outperforming bitcoin…then it will be doing better vs USD than bitcoin,” he added.
However, not everyone has lost their hopes yet. Meanwhile, some are glad for the lack of pump as no pump means no dump after the event.
The last two times in 2017 and 2018, XRP price surged 115% and 220% two weeks before the event only to drop 43% and 51% respectively after the Swell.
Now, it’s to be seen if XRP will finally pump or if it will be no Swell Pump this time. There was also a big movement from the Ripple escrow wallet of 1 billion XRP being unlocked.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (295,969,683 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) November 1, 2019
Also be sure to check out the most recent video from the Ripple community:
— Digital Asset Investor (@digitalassetbuy) October 31, 2019
Live Ripple (XRP) Price:
1 XRP/USD =$0.2464 change ~ 2.46%
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