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Despite the blood on the streets last Wednesday, October 3rd, XRP's technical indicators remain bullish as according to most analysts, it could potentially reach back to the $0.30+ area soon as long as the $0.27 support level holds. Why? Mainly because SWELL 2019 is fast approaching.
What is SWELL?
Swell is Ripple's annual invite-only conference which according to their website, brings together the world’s most trusted voices across financial services, payments, technology and policy to share the reality of what’s unfolding in global payments today - and why it matters. Space is limited, so in order to join, you have to be invited or you can request an invite from their website. It is set to take place this year in Singapore on the 7th of November and will last for 2 days. The three keynote speakers for this year are Kamal Quadir the CEO of bKash, Ambassador Chan Heng Chee of Singapore Foreign Ministry and Dr. Raghuram Rajan who is a professor of Finance at Chicago Booth and is a key visionary behind India's early adoption of mobile banking.
Why it matters?
It is one of the most highly anticipated events of the year for the XRP army since this is where major announcements usually take place. xRapid, a worldwide network that enables faster and lower-cost payments for financial institutions was announce last year through this event. So with this year's anticipation, it seems that people are already starting to "buy the rumor".
What History Tells Us?
XRP's recent price movement seems to be in line with the upcoming event. If we look back at the historical data, XRP’s market value increased exponentially in anticipation of the conference, and these past few weeks, it has started to do just that. However, once the event is concluded, the price usually plummeted just as quickly. This is the classic example of "buy the rumor, sell the news" phenomenon.
In 2017, XRP was priced at $0.15, 30 days before the event. On the last day of the event which is on the 16th of October 2017, it reached to about $0.30 which is a 100% climb in just a month. However, it plummeted even quicker as it was worth just $0.17 after only 17 days. In 2018, it went from $0.25 to a peak of $0.79 in anticipation to the conference. It then free-falled back to $0.29 just 2 months later.
Today, we are hovering around $0.27 after hitting a high of $0.30, from a low of $0.21 last September. With about 13 days left before the event starts, we still have a good room for another upside action. How high could it possibly get? Or will we just trend downwards together with the entire cryptosphere? We'll see very soon.
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