XRP rose more than 2% on Monday, trading above $0.5400. Ripple Swell, the annual conference for payments company partners and customers, is scheduled for October 15th and 16th. XRP’s attention has returned to $0.60, a key psychological barrier for altcoins.
Ripple (XRP) is trading above $0.5400 early Monday morning. Ahead of the important event, the value of altcoins rose by more than 2% on the day. Cross-border money transfer company Ripple is gearing up for its annual conference called Ripple Swell.
The event is held for the company’s partners and customers and focuses on showcasing new developments and technologies introduced by Ripple.
XRP holders are closely monitoring events for announcements and updates regarding the stablecoin project Ripple USD (RUSD) and the company’s custody solutions.
Daily Digest Market Movement: Ripple swell likely to trigger XRP rise
Ripple Swell is the company’s annual flagship event where executives discuss the latest updates and new products to Ripple’s services. At last year’s event, Ripple announced that it was preparing to offer services to small and medium-sized enterprises (SMEs). The expert panel acknowledged that Dubai, the emirate of the United Arab Emirates (UAE), is emerging as a hub where cryptocurrencies play an important role in sustainability and climate finance. Ripple Swell is scheduled to take place in Miami on October 15th and 16th. This year, XRP holders have been keeping an eye on things like the announcement of the launch date for the stablecoin RUSD, new partnerships for digital asset custody solutions, and executives’ positions on Securities and Exchange Commission (SEC) appeals in recent cases. are. After deliberations, Ripple filed a countersuit with the SEC, with the company’s chief legal officer and CEO criticizing the U.S. financial regulator’s approach to regulating cryptocurrencies.
Technical analysis: XRP eyes back to $0.60
XRP is on an uptrend that started on July 5, 2024. The daily chart of XRP/USDT shows that the altcoin could rise nearly 10% to the psychologically important level of $0.60. XRP is facing resistance at the upper end of the fair value gap (FVG) between $0.5778 and $0.5445.
The Relative Strength Index (RSI) is 46, close to the neutral level of 50.
XRP/USDT daily chart
If there is a correction in XRP, the altcoin could sweep liquidity at the FVG floor of $0.5188 on the daily chart. The October 3rd low $0.5068 is also an important support level for Ripple.
