XRP Drops 5% as Ripple’s Flagship Event Kicks Off

Having reached local highs above $0.30 on Monday, the pair began expanding as Swell began but subsequently saw a rejection at just above $0.31.

Ripple’s annual Swell conference has failed to induce positive price action for associated token XRP, data following the event shows. Price data from Coin360 covering XRP/USD showed selling pressure take over on Nov. 7, as the two-day conference continues.

Swell has no impact on XRP

At press time, XRP was back below the $0.30 mark, trailing at $0.28 on major exchanges, its lowest price since the beginning of the month.

XRP 7-day price chart
XRP 7-day price chart

The disappointing performance contrasted with attendees’ positivity and did not go unnoticed among cryptocurrency traders on social media.

Swell traditionally sees Ripple executives deliver future plans for the payment network, but has increasingly metamorphosed into a phenomenon of its own. The company is known for its controversial army of social media advocates, who wasted no time in advertising the event to bolster the reputation of both Ripple and XRP.

“Incredible opening. The energy here is beyond anything I can explain. You can feel the excitement all around you,” one attendee, Twitter user Life’s Tough Media, summarized.

Ripple CEO: Never mind the price

XRP has suffered a similar fate to the majority of altcoin tokens since the cryptocurrency bear market of 2018. XRP/USD is down over 90% against its all-time highs above $3.20.

In a mainstream media interview this week, CEO Brad Garlinghouse nonetheless predicted a mass extinction event across crypto markets, with only 1% of current coins surviving.

“I don’t think about the price of XRP in the short term,” he claimed.

TD Ameritrade Doesn’t Deny Potential Inclusion of XRP Into Service

Major United States brokerage TD Ameritrade doesn’t deny the potential inclusion of cryptocurrencies like XRP to its platform.

One of the early adopters of the original Bitcoin (BTC) futures trading platform, TD Ameritrade apparently remains positive about more potential initiatives in crypto.

TD Ameritrade hints at more crypto services based on client feedback

In a Dec. 29 tweet, TD Ameritrade hinted that it is continuing to explore crypto markets, replying to a question as to whether the company is planning to support cryptocurrency such as XRP.

“Thank you for your interest! Currently, we offer Bitcoin Futures on the CME. We will continue to monitor the market and consider additional opportunities going forward.”

Contacted by Cointelegraph on Dec. 30, a spokesperson at TD Ameritrade hasn’t revealed more details about the potential inclusion of XRP, only noting that new products and services will be added based on feedback from clients. The representative said:

“We are always evaluating new products and services based on client feedback.”

Brokerage giant Charles Schwab acquired TD Ameritrade in late November 2019

The news comes after TD Ameritrade was acquired by investment brokerage giant Charles Schwab in late November 2019 in an all-stock deal valued at $26 billion. As officially announced by Schwab, the acquisition created a company of $5 trillion in assets under management.

Following the acquisition, TD Ameritrade-backed cryptocurrency exchange ErisX launched its own physically-settled Bitcoin futures contracts on Dec. 17, 2019. By launching the product, the firm allowed investors to receive real cryptocurrency and not the cash equivalent for trading.

The firm already hinted at XRP addition in late 2018

TD Ameritrade has already hinted about the potential addition of XRP back in December 2018. The company tweeted at the time:

“We’re still exploring the #XRP space – stay tuned for more information. Our team is working hard to make things like this happen.”

In July 2019, TD Ameritrade CEO and president Tim Hockey said that digital currencies have again become a subject of increased interest from investors and traders. According to the executive, renewed interest in crypto was driven by Facebook’s stablecoin project Libra as well as Bitcoin surging above $13,000 in a crypto rally in June 2019.

Additionally, Hockey revealed at the time that he plans to step down from his CEO position but will remain the top executive until February 2020.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *