Yesterday was a beautiful day for cryptocurrency. Many coins stood and are still in green including XRP. The currency rose almost 5% in value. This appears to be a recurring pattern. Ripple’s annual Swell conference will be held in two weeks, and the race before the event also flourished in previous editions.
XRP rose to 27 cents
At the moment, this growth appears to have cooled, over the past 24 hours the value has increased by 2.16% to 27 cents. The exchange rate has recovered well, because two weeks ago the value had fallen to 22 cents.
In the short term, the price of XRP seems to look good, certainly with Swell in prospect. The conference is on 7 and 8 November.
MoonOverlord, a popular cryptocurrency analyst on Twitter, recently spoke about XRP and explained that he believes that XRP has more room to climb in the short term. He thinks that the green wave is not yet stopping.
I think $ XRP might have more juice left in the tank on this run
cc $ ZRX chart for template
– moon (@MoonOverlord) October 17, 2019
It also appears that the upward momentum of XRP moves this run independently of the bitcoin price. This could simply mean that the price of XRP continues to rise, even though the price of bitcoin moves mainly sideways.
Swell every year
Cryptocurrency is still relatively new, so when we talk about trends from the past, often only two or three examples are quoted. For example, look at the price expectations for bitcoins block halving, there have only been three halves for this, so always ask yourself how realistic the expectations can be.
This, of course, also applies to the historical trends just before the Swell conference. This conference took place twice, and each time an XRP bullrun preceded. The run is most likely due to the hype and possible expected announcements that Ripple can make.
Galaxy explains that you have to go long for the conference and then shorten XRP immediately. The exchange rate rose by 115% in 2017 and then fell again by 43%. A year later the figures were even more spectacular, 22% and -51%.
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)
+ 115% (2017)
+ 220% (2018)
Price decrease after event (USD)
Time to see what this year brings. pic.twitter.com/bW9qKUGv8Y
– Galaxy (@galaxyBTC) October 13, 2019
Is ship rights three times? Are you going to stock up or sell XRP? Or, and of course you can, do you leave it for what it is?
Disclaimer: this is not buying advice. The trade in cryptocurrency’s entails a significant risk. So invest only with money you can miss.