XRP is seeing a lot of greens in October after dropping down to $0.235 at the end of September. In the past week, the third largest cryptocurrency surged a good 9 percent.
At the time of writing, it has been trading at $0.279 with 24 hours gains of 2.11 percent, as per Coincodex.
But it also can’t be ignored that the cryptocurrency is still down over 22 percent year to date and 92.72 percent from its all-time high of $3.40.
Some of these price gaps, however, are likely to be filled in the next few weeks in anticipation of the upcoming Swell event.
Swell Event 2019
Hosted by Ripple, Swell brings experts from the field of financial services, payments, technology, and policy together to share “what’s unfolding in global payments today — and why it matters.”
The Swell event, that has been launched to compete with its rival Swift — the organizer of the Sibos conference — will be held this time from November 7 – 8 in Singapore.
The keynote speakers of the event involve Kamal Quadir, CEO of bKash, a mobile money service in Bangladesh; Ambassador Chan Heng Chee, Ambassador-at-Large within Singapore Foreign Ministry; and Dr. Raghuram Rajan, former Governor of the Reserve Bank of India and former Chief Economist at the IMF.
Last time, Ripple announced that xRapid is finally commercially available and will be going into production with three financial institutions. It would be interesting to see what will the company unveil this time.
XRP Ready to Fly
If we take a look at the price of the digital asset, this is extremely good time for XRP. Before the Swell event in 2017, XRP price shot up 115% and the next year, a much bigger spike of 220% was seen in its price, notes analyst Galaxy.
Based on these historical gains, XRP can jump anywhere between $0.30 to $0.60.
However, once the event is over, XRP price losses as much as half of its value. The digital asset saw a drop of 42% and 51% in 2017 and 2018 respectively after the event.
As such the strategy for this “trade of the year” by the analyst is to “Long 2 weeks before Swell, and short when the event is over.”
Then, a known cryptocurrency trader by the name of GalaxyBTC added this about the possible swell in XRP price to come.
The trade of the year is coming once again on $XRP.
Long 2 weeks before Swell, and short when the event is over.
Price increase before event (USD)
Price decrease after event (USD)
Time to see what this year brings. pic.twitter.com/bW9qKUGv8Y
— Galaxy (@galaxyBTC) October 13, 2019
But to counter that, another popular trading analyst of cryptoassets, Big Cheds said this:
— Big Cheds (@BigCheds) October 13, 2019
As quarter four ramps up, it will be interesting to see what the most controversial cryptoasset outside of Bitcoin will do as all eyes will be focused on the upcoming Ripple company event where they will feature keynote speakers Kamal Quadir (bKash CEO), Ambassador Chan Heng Chee (Singapore Foreign Ministry), Dr. Raghuram Rajan (Katherine Dusak Miller Distinguished Service Professor of Finance) among many financial services surrounding blockchain technology, policy, payments, central banking, academia and other experts across the industry. As mentioned, the invite-only event is November 7-8, 2019.
And given the size of the Ripple company alone, who is the fifth biggest blockchain-based firm in the world behind Binance, Coinbase, ConsenSys and OKEx/OKCoin, it will likely be a big XRP army affair for the ages.
The 10 largest crypto companies by number of employees:
OKEx + OKCoin: 548
— Yano (@jason_yanowitz) October 11, 2019
There was also recent announcement of the merger of Ripple products into RippleNet; that being xRapid, xVia and xCurrent. Also, Xendpay now runs on Ripple, which aims to replace high bank charges where you can send £2,000 back home or anywhere around the world and pay no transfer fees.
We also talked about the week Ripple had in another post:
— Toronto Ripple XRP Community (@TorontoXrp) October 7, 2019
It will be very interesting to see what comes of XRP in the coming weeks, as even XRP_News twitter handle had this to say:
Then there was the recent update from Santander and their new open banking PSD2 video:
💣Santander (One of #Ripple's oldest and most reliable Banking Clients) beginning to advertise for PSD2 (Open Banking)
— 🌋KingSolomon🌋 (@XRP_OWL) October 12, 2019
Hard to say if the price of XRP coin will hit $0.75 per token, but we leave you with CEO Brad Garlinghouse and his talk with FOX Business and one from the Economic Club of New York:
— ༜༝🅂🅃🅄🄰🅁🅃🅇🅁🄿💧⚡ (@stuart_xrp) October 8, 2019
Brad Garlinghouse, #Ripple CEO at The Economic Club of New York, October 8 2019
— 🚀CRYPTO MOON🌕 (@manianban) October 8, 2019
Who had the quote of the week for Ripplers in saying:
“We own a lot of XRP and of course we're interested in its success, but that doesn't make us a security. Exxon owns a lot of oil, but that doesn't make it a security”