Ripple’s XRP Slumps Despite Swell Conference
The expectations for an XRP rally failed to materialize, as the asset loses credibility.
The Swell conference on November 7-8 was supposed to trigger a long-awaited rally in XRP prices. The annual Ripple event, however, not only failed to lift the asset from its lows, but actually was followed by a sell-off.
XRP lost around 3.14% overnight, sliding from its usual tier of $0.29 down to $0.28. Not a big change, seemingly, but the slump coincided with another downturn in the markets as well. This month, XRP may have been pressured by another 600 million coins from the Ripple escrow remaining at large.
Ripple unlocked its usual 1 billion XRP, returning 400,000 back to the locked stash. But the rest of the coins was added to the circulating supply.
Another blow on Ripple’s influence was the fact that Stellar, the open-source equivalent, staged its own events for this week. Stellar Meridian, the first of hopefully a series of conferences, happened just days before Ripple’s event.
To add to the hype, Stellar Development Foundation also burned the larger part of its coin supply. This only boosted the XLM market price by about 20%, before it stagnated around $0.073.
In the case of XRP, beyond a mid-year rally to $0.47, the coin has lost support. Ripple this time has little in terms of announcements, as the promises of use cases are running out.
But XRP is also yet to catch up when it comes to simply speculative interest. The asset trades most actively on relatively new exchanges, and is in a limbo between the previous bull run and the next price discovery stage.
Chart analysts are still going strong with a prediction of outlandish growth, to match the 2017 bull market.
But at least for now, XRP keeps sinking as the promises of the Swell effect failed to materialize.