Next October, Ripple Labs will bring together “the world’s most trusted voices on financial services, payments, technology and policy” annually to discuss the future of the payments industry and focus on the native XRP crypto token.
In the past, the recurring conference has resulted in a sharp spike in the price of XRP, and with the event on the horizon, crypto analysts are again anticipating another sharp spike in the price of the asset to coincide with the event.
Ripple Swell Conference: Past XRP Price Pumps and Dumps, Will History Repeat Itself?
Starting in 2017, Ripple Labs is hosting an annual conference called Swell each year, which focuses on the payments industry and is usually supported by leaders in finance and technology to talk about the future of the space, innovation and more .
In the past few years, Sir Tim Berners-Lee, who is considered to be the inventor of the World Wide Web, and former Fed chairman Dr. Ben Bernanke has been attracted. In 2018, former US President Bill Clinton chaired the conference with a keynote address.
Related reading | Crypto Analyst Says XRP Fireworks Are Coming After Leaving Support In 2014
The event provides Ripple and everyone involved in the project with important networking opportunities, information, discussions and much more and is crucial in driving the adoption of Ripple products and the use of the XRP token.
But it’s also an opportunity for crypto investors and traders who want to capitalize on any news-related price swings that could cause the price to live up to the event’s namesake.
As cryptanalyst Pierre noted, the past year was an “easy and profitable long” opportunity as the price skyrocketed in the days leading up to the event. History could repeat itself with Swell in early October and XRP price could soar again.
$ XRP #Ripple
Will we see a “Sweel Pump by Ripple” again this year?
It was an easy and profitable long last year.
Keep an eye on $ XRP for the next several weeks and months. pic.twitter.com/waPr1LxEgB
– Frenchy (@ pierre_crypt0) September 9, 2019
It is important to note, however, that the XRP price has not increased during the conference itself in the past. Instead, it acts as a sale of the news event, marking the XRP price the month before. During and after the event, the price tends to return to previous levels.
In both 2017 and 2018, XRP was pumping the previous month, but as the event subsided, selling pressures mounted. The difference between 2017 and 2018 lies in what happened to Ripple after the original pump was traced.
In 2017, the swell pump ran out, but the news from the event and positive momentum in the crypto industry caused the XRP to soar from 20 cents to its all-time high of over $ 3.
In 2018, however, the Swell Pump made an appearance before the event itself, and the same sale followed after the news sold out. In this case, however, the price continued to decline and fell even further in 2019, reaching prices not seen since 2017.
Related reading | Crypto Analysts: Ripple Most Bullish USD Chart, XRP Target 2000% Gains
After two years of growth, a further drop in the XRP price is hard to imagine. And with 2017 demonstrating XRP’s most profitable pump to date, there is still hope for Ripple supporters.