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.<\/p>\n
Analysts are now noting that XRP may soon surge significantly, which could be fueled by hype surrounding Ripple\u2019s annual Swell conference, which is set to occur in roughly two weeks.<\/p>\n
At the time of writing, XRP<\/a> is trading up nearly 5% at its current price<\/a> 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n \u201cI think $XRP might have more juice left in the tank on this run,\u201d he concisely noted.<\/p><\/blockquote>\n https:\/\/twitter.com\/MoonOverlord\/status\/99733762<\/p>\n It does appear that XRP\u2019s upwards momentum is independent of Bitcoin\u2019s price action<\/a>, 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.<\/p>\n Ripple\u2019s 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.<\/p>\n 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.<\/p>\n \u201cThe 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,\u201d he said.<\/p><\/blockquote>\n The trade of the year is coming once again on $XRP<\/a>.<\/p>\n Long 2 weeks before Swell, and short when the event is over.<\/p>\n Price increase before event (USD) Price decrease after event (USD) Time to see what this year brings. pic.twitter.com\/bW9qKUGv8Y<\/a><\/p>\n — Galaxy (@galaxyBTC) October 13, 2019<\/a><\/p><\/blockquote>\nRipple\u2019s Swell Conference May Lead to Pump, Claims Analyst<\/strong>\u00a0<\/strong><\/h2>\n
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+115% (2017)
+220% (2018)<\/p>\n
-43% (2017)
-51% (2018)<\/p>\n