- XRP/USD bulls engineer a strong recovery but stop short of $0.30.
- The upcoming Swell conference creates a positive fundamental environment.
Ripple’s XRP is changing hands at $0.2857, off the intraday high registered at $0.2995. Now the third-largest digital asset with the current market value of $12.7 billion has gained nearly 3% in recent 24 hours amid strong bullish momentum ahead of Swell Conference that will take place in Singapore on November 7-9, 2019.
If the history of any guide, the coin may be in for a big ride to the North, as the price of the coin increased significantly ahead of the conference in 2018.
Swell is one of the major industry events hosted by Ripple, It is focused on discussing the technology behind XRP and the related policies.
Read also: XRP/USD turns green again as Ripple invites IMF officials and US political elite to its SWELL conference
Ripple’s XRP confluence levels
Looking technically, the price broke above SMA100 (Simple Moving Average) on a daily chart for the first time since July, which is considered as a strong bullish signal. However, a psychological barrier $0.30 may slow down the upside momentum and trigger the correction. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$0,3000 – the highest level of the previous four-hour interval, the upper line of one-hour Bollinger Band;
$0,3050 – Pivot Point one-week Resistance 2;
$0,3150 – Pivot Point one-month Resistance 1;
Support levels
$0,2850 – SMA10 four hour chart, SMA100 daily, the highest level of the previous week, Pivot Point one-week Resistance 1, Pivot Point one-day Resistance 2;
$0.2800 – 23.6% Fibo retracement on daily and weekly timeframes,
$0,2650 – 61.8% Fibo retracement weekly, 161.8% Fibo projection daily, SMA200 four-hour, Pivot Point one-day Support 2;
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