XRP May Soon Soar Due To Forthcoming Swell Conference; Can It Conquer $0.3?
Since 2017, Ripple Labs organizes the Swell conference every year to bring together great leaders in finance, technology, and payments. This event has drawn the attention of the XRP army because in the past times it has happened and has been associated with a significant price pump. Many are now optimistic that the same will happen this year as the event draws closer.
Swell is the largest annual conference for Ripple which has also drawn the support of high-profile individuals such as Former US president Bill Clinton (delivered keynote speech in 2018), ex-chairman of the Federal Reserve Bill Bernanke and English scientist Sir Tim Berners-Lee who invented the World Wide Web.
This year’s Swell conference will be held in Singapore from November 7-8 and keynote speakers like former Governor of the Reserve Bank of India, Dr. Raghuram Rajan, Katherine Dusak Miller, Finance Professor at Chicago University and bKash CEO Kamal Quadir will grace the event with their presence.
XRP Primed For A Major Recovery Ahead Of Swell
Ripple’s XRP has been trading in a tight range and showing no signs of recovery. XRP hit its YTD high in late June near $0.50 but shed gains and has since been trading around $0.26. This current price is also a significant drop compared to its monthly high of more than $0.30.
However, XRP has recovered from recent lows around $0.25, and at least one analyst believes XRP could soon experience a relief rally, following the Swell annual conference this year. According to cryptocurrency analyst Pierre, the Swell event provided XRP investors “an easy and profitable long” chance last year and if history is any indication, the event could be a shot in the arm for XRP’s price again this year. He observed:
Are we going to see a “Sweel Pump by Ripple” this year again?
Was an easy and profitable long last year.
Keeping a close eye on $XRP for the next couple of weeks and months. pic.twitter.com/waPr1LxEgB
— Pierre (@pierre_crypt0) September 9, 2019
In Retrospect, Swell Conference Is Synonymous With Price Rally
During Swell conferences, Ripple Labs champions the use of Ripple’s XRP digital asset as well as mass adoption of Ripple products like xRapid, RippleNet, and xCurrent. The positive news around Ripple prior to and after this event is what has historically caused the price to soar.
Suffice it to say, XRP price does not swell during the conference as this event merely acts as a buy the rumor, sell the news kind of scenario. In that regard, XRP price soars a month before the event as investors anticipate major announcements from the event but reverse course after the event passes.
XRP’s price action after 2017 and 2018’s Swell conference shows a striking similitude. During both years, XRP’s price rallied a month before the event and then followed by a strong pullback after the event came to a close. However, in 2017, XRP skyrocketed to hit its highest price yet above $3 dollars due to positive news from the event even though the event had already been wrapped up.
Unfortunately, the same cannot be said for 2018. After the Swell Conference, the price of XRP plummeted, even hitting new lows in 2019.
XRP has been walking a tightrope this year but with its great performance after 2017’s annual Swell event, investors are hoping for a do-over. However, it is difficult to predict to what extent this year’s Swell conference will pump the price, bearing in mind the current market conditions. Nonetheless, on the flipside, XRP is trading at $0.261609 at press time and the imminent Swell event could soon put the $0.30 zone into play.
The post XRP May Soon Soar Due To Forthcoming Swell Conference; Can It Conquer $0.3? appeared first on ZyCrypto.