Will Upcoming Ripple Conference Cause XRP Price to Swell?

Will Upcoming Ripple Conference Cause XRP Price to Swell?


This coming October, Ripple Labs will host its annual gathering of the “world’s most trusted voices across financial services, payments, technology and policy” to discuss the future of the payments industry and put a spotlight on their native XRP crypto token.

In the past, the recurring conference has led to strong pumps in XRP price and with the event on the horizon once again, crypto analysts are beginning to anticipate yet another strong rise in the asset’s price coinciding with the event.

Ripple Swell Conference: XRP Price Pumps and Dumps in the Past, Will History Repeat?

Starting in 2017, Ripple Labs hosts an annual conference each year called Swell focusing on the payments industry, and typically garners support by leaders in both the finance and tech space to speak about the future of the space, innovation, and much more.

Previous years have attracted the likes of Sir Tim Berners-Lee, regarded as the inventor of the world wide web, and former Fed Chairman Dr. Ben Bernanke. In 2018, former United States President Bill Clinton led the conference with a keynote address.

Related Reading | Crypto Analyst Says XRP Fireworks Are Coming After Bounce From 2014 Support

The event provides Ripple and anyone involved with the project with important networking opportunities, education, discussion, and much more, and is vital towards pushing adoption of Ripple’s products and use of the XRP token.

But it’s also an opportunity for crypto investors and traders, who are seeking to take advantage of any news-related price swings that could cause the price to live up to the event’s namesake.

As noted by crypto analyst Pierre, past year’s have provided “an easy and profitable long” opportunity as the price rocketed in the days ahead of the event. With Swell coming in early October, history may repeat itself, and XRP price could skyrocket once again.

However, it’s important to note that XRP price hasn’t historically pumped during the conference itself. Instead, it acts as a sell the news event, with XRP price being marked up the month prior, then during and after the event, price tends to retrace back down to previous levels.

In both 2017 and 2018, XRP pumped the month prior, but then as the event subsided sell pressure picked up. The difference between 2017 and 2018 lies within what happened to Ripple after it retraced the initial pump.

In 2017, the Swell pump fizzled out, but news coming from the event and bullish momentum surrounding the crypto industry led to XRP pumping from 20 cents, to its all-time high above $3.

However, in 2018, the Swell pump did occur ahead of the event itself, and the same sell the news selloff occurred afterward. But in this case, price continued to retrace and has fallen even lower in 2019, reaching prices not seen since 2017.

Related Reading | Crypto Analysts: Ripple Most Bullish USD Chart, XRP Target 2000% Gains 

With two years of growth eliminated, it’s difficult to imagine further downside in XRP price. And with 2017 demonstrating XRP’s most profitable pump yet, there’s still hope yet for Ripple supporters.





Newsbtc.com

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