XRP’s momentum faded sharply after Ripple’s much-anticipated Swell conference in New York, with the token slipping more than 9% in the aftermath. Despite bullish announcements, the price failed to hold gains, raising concerns that a deeper correction may be underway.
XRP Slips After Swell Announcements
Ripple’s flagship Swell event on November 4–5 generated buzz with major updates, including a $500 million funding round led by Citadel Securities and Fortress Investment Group. The company also unveiled new integrations for its RLUSD stablecoin and hinted at a decentralized lending protocol on the XRP Ledger (XRPL).
However, investor excitement proved short-lived. After briefly touching $2.40 on November 5, XRP retreated to around $2.19, giving up most of its rally during the event. The reaction reflects a familiar “buy the rumor, sell the news” pattern that has characterized several past Swell events.
History Repeats for Ripple’s Annual Event
A closer look at XRP’s performance history shows a consistent post-Swell slump. Since 2020, XRP has delivered negative returns between the conference and year-end in four of the past five years. The pattern suggests that enthusiasm around Ripple’s big announcements often fades faster than expected, leaving traders disappointed.
Broader market conditions have also played a role. Bitcoin’s brief slip below the $100,000 mark amid tighter U.S. liquidity and weakening equities has dampened sentiment across the crypto market, putting additional pressure on altcoins such as XRP.
Bear Flag Breakdown Points to Further Weakness
Technically, XRP’s charts have confirmed a bearish continuation pattern known as a bear flag. The setup emerged after XRP’s decline from $3.60 in early September, followed by a narrow consolidation channel rising toward $2.60. The recent breakdown below this structure signals renewed selling pressure and a likely extension of the downtrend.
Adding to the concern is the looming “death cross” formation, where the 50-period exponential moving average is set to fall below the 200-period EMA. This crossover often signals the beginning of an extended bearish phase, especially when paired with weak momentum indicators.
Key Support in Focus Near $1.65
Market analysts are now watching the $1.65–$1.70 range as a critical support zone. This area aligns with the measured move target of the bear flag pattern and also matches a key on-chain cost basis level tracked by Glassnode.
The aggregated realized price around this zone reflects the average cost at which current XRP holders acquired their tokens. Historically, such levels have acted as accumulation points, where long-term investors step in to buy during market corrections. If the same pattern holds, XRP could find temporary stability once it retests this range.
Outlook for the Coming Weeks
While Ripple’s ongoing expansion into stablecoins and DeFi infrastructure remains a long-term positive, short-term price action suggests traders remain cautious. The market’s reaction to Swell highlights a recurring challenge for XRP, separating fundamental progress from speculative expectations.
Unless XRP reclaims key resistance near $2.40 and the broader crypto market recovers, further downside toward $1.65 remains possible. Traders may continue to see volatility as technical factors and macro trends shape market sentiment through the rest of November.
