The XRP price has remained under pressure in the past few days as traders eye the upcoming Ripple Swell Conference and the potential XRP ETF approvals.
Summary
- The XRP price will be in the spotlight this week as the Swell event happens.
- Swell is an important event that brings together top executives in New York.
- The other major XRP news will be potential approval of spot ETFs.
Ripple (XRP) token was trading at $2.52 on Nov. 2, down by over 30% from its year-to-date high. On the positive side, this price is about 83% above its lowest point this year.
Ripple Swell Conference
The XRP price remained in a tight range ahead of the upcoming Swell Conference, which will run between Nov. 4 and 5 in New York.
This is an important event that brings in some of the top players in the crypto industry. Top Ripple executives like Brad Garlinghouse, Chris Larsen, Monica Long, and David Schwartz will be some of the top speakers.
Senior executives from companies like Franklin Templeton, Citigroup, Fidelity, BlackRock, JPMorgan, Gemini, Moody’s, CME, and Mastercard will attend the event.
This event may boost the XRP price because of the potential announcements that will be made there. These announcements could be partnerships and integrations with the XRP Ledger or even ETF proposals.
The other major Ripple news that may move its price is the potential XRP ETF approvals. Bitwise, a top asset manager, has already made its final filings with the SEC, raising the potential that it will start trading soon.
Besides, the Bitwise Solana (SOL) has already started trading and has accumulated over $400 million in assets. Other XRP ETFs by companies like Franklin Templeton and Invesco may also start trading soon.
Analysts believe that these ETFs will be successful as XRP is the fourth-biggest token in the industry after Bitcoin, Ethereum, and Tether.
XRP price technical analysis
The weekly timeframe chart shows that the XRP price has bounced back from a low of $1.3858 in October to its current level of $2.52. It has formed a hammer candlestick pattern, which is a typical bullish reversal pattern.
It also remains above the 100-week Exponential Moving Average. Also, the coin has moved above the strong pivot reverse point of the Murrey Math Lines at $2.34.
Therefore, while the token may experience short-term volatility, it may bounce back. If this happens, the next key level to watch will be the ultimate resistance of the Murrey Math Lines at $3.125, which is about 25% above the current level.
