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2019 has been a tough year for altcoin investors, who have had to sit back and watch their asset’s value fall further while Bitcoin went on a parabolic rally. But no subset of altcoin holder has suffered as much as holders of XRP, the native token of the Ripple protocol.
The asset was among the year’s worst performers and has fallen 99% from its all-time high set back nearly two years ago. However, relief may finally be in sight as the early signs of what might be a reversal for XRP are starting to take shape.
XRP Rises 10% on USD Pair, 5% Against Bitcoin
Throughout 2019, the price of Bitcoin rose over 350%, meanwhile, Ripple’s XRP token has set yet another fresh yearly low this past month. But now that Bitcoin has started to plummet, XRP is showing the first signs that a reversal may be forming on price charts, and has already risen as much as 10% over the last 24 hours on the XRP/USD trading pair.
Related Reading | XRP Breaks Below Bear Market Bottom, Will The Rest of Crypto Follow?
Even the XRP/BTC trading pair, which has taken a beating throughout the year, has rebounded 5% on the day and is showing signs of strength against the first-ever cryptocurrency by market cap, Bitcoin.
The crypto asset has been the worst performer of the year, alongside Tron. Earlier in the month, Ripple posted some strong gains at what many had believed was a much overdue alt season, however, Bitcoin dropped and any gains evaporated in a day.
$XRP – Back to back weekly closes above the 10-week moving average, first time since Dec 2018. pic.twitter.com/n971DluwP0
— Bob Loukas (@BobLoukas) September 30, 2019
But this latest rally was accompanied by two weekly back to back closes above the 10-week moving average, making it the first time XRP has done so since December 2018 when most of the crypto market set its bottom.
Is This a Reversal Or Just Ripple’s Swell Conference Rally?
The last time this occurred, was September 2018, a month before Ripple’s annual Swell conference – an event that typically causes the price of XRP to surge. At that time, Ripple spiked to nearly $0.50 per XRP from lows under $0.30.
Related Reading | Will Upcoming Ripple Conference Cause XRP Price to Swell?
This time around, Ripple’s conference takes place in November, however, the recent price action could very well be buyers loading up in preparation to sell the “news” during the event – whatever that news may be.
If Ripple can sustain any pre-Swell pumps, XRP could be staging a full-blown reversal after nearly two full years of downtrend. In the past, when Ripple finally broke out of its downtrends, it ended with fireworks.
During 2017, Ripple broke up from a downtrend at under one cent per XRP, and at the turn of the new year, Ripple had reached $3.65 per XRP – a gain of over 36400%.
Featured image from Shutterstock
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