After incurring an influx of selling pressure yesterday, Bitcoin has been able to climb slightly today, which has allowed XRP to surge nearly 5%, leading it to quickly approach the $0.30 region that was previously a strong level of support for the cryptocurrency.
Analysts are now noting that XRP may soon surge significantly, which could be fueled by hype surrounding Ripple’s annual Swell conference, which is set to occur in roughly two weeks.
XRP Surges Towards $0.30 as Bulls Build Strength
At the time of writing, XRP is trading up nearly 5% at its current price of $0.297, which marks a notable climb from its recent lows of $0.24 that were set at the bottom of the recent short-term bear market that has gripped the markets ever since Bitcoin plummeted below $10,000.
Prior to its drop below $0.30, XRP had previously established this level as a strong support region, so if it is able to reclaim this level then it may be able to post significantly further gains.
MoonOverlord, a popular cryptocurrency analyst on Twitter, spoke about XRP in a recent tweet, explaining that he believes XRP may have further room to climb in the near-term.
“I think $XRP might have more juice left in the tank on this run,” he concisely noted.
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 does appear that XRP’s upwards momentum is independent of Bitcoin’s price action, which could mean that it will continue to climb higher as BTC consolidates, barring any type of major downwards movement that generates a market-wide sell-off.
Ripple’s Swell Conference May Lead to Pump, Claims Analyst
Ripple’s annual swell conference has historically been preceded by XRP bull runs, which may stem from a combination of the hype surrounding this conference and the potential announcements the company may make regarding their XRP-related products.
Galaxy, a popular cryptocurrency analyst on Twitter, spoke about this event and the historical XRP rallies that typically precede it, explaining that in years past it has climbed as much as 220% in the weeks before the event.
“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) -43% (2017) -51% (2018). Time to see what this year brings,” he said.
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
The next few days will likely validate or invalidate whether or not the “Swell pump” is still relevant in the current market conditions, but it is probable that any rally in the near-term may be associated with the historical precedent of this event.
Featured image from Shutterstock.