Swell 2019 is scheduled to hold in Singapore. As report has it, the event will commence on Thursday 8th November to Friday 9th November 2019.
The importance of this trade gathering and impacts it left on the price of Ripple’s digital token XRP during and after the event drew attention to the need of going down the memory lane.
What Historical Data Says about Swell
In predicting the price of any valuable commodity, the history of such cannot be thrown underfoot. There are times when past price action repeats itself closely, relatively or accurately.
That brings us to considering the historical data of Ripple’s XRP price actions, especially the reaction of the price of the digital currency during and after the two most recent Swell conducted. Swell 2017 and 2018 precisely.
According to the data made available by Galaxy on Twitter, two weeks before the Swell had been favorable, with noteworthy impact on the price of the digital token XRP.
Going by the information he provided, XRP experienced a significant price upsurge of over 115% in 2 weeks before Swell 2017.
Likewise in 2018, the third-largest digital currency by market cap, XRP reacted positively prior to the popular event with a price increase of over 220%.
However, after the two consecutive events, there were price retracements. In 2017, XRP price dropped by 43% after the event, while the price of the digital currency also dropped by 51% in 2018 as soon as the event was concluded.
He wrote, “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”
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
What this upcoming one would bring is still a subject of speculation in the crypto space, especially within the XRP community. Howbeit, if history could repeat itself, the gains prior to the event would out place the price deficits after it.
CoinField to Use XRP Ledger for Tokenization of Non-Blockchain Assets
It was a moment of joy in the XRP community about 3 days ago after CoinField announced its groundwork on Sologenic project that promises to make the full use of XRP Ledger. According to the related information, the project named Sologenic will tokenize stock and fiat on demand.
The project will also see to creating an amiable ecosystem that could successfully facilitate traders, investors and on-demand tokenization of assets such as stocks, ETFs and fiats via XRPL.
The full involvement of XRP Ledger in this big project strengthens the belief of XRP enthusiasts regarding the mainstream adoption of the cryptocurrency.
Ripple’s XRP Closes To Retest $0.3
The crypto market is beginning to regain the vast loss it recorded 24 hours ago. Ripple’s XRP is presently the second-best performer among the top 10 cryptocurrencies, which brings it closer to retesting $0.3 resistance level.
At the time of filing this report, XRP is trading at $0.297661, with relatively 3% price increase in the last 24 hours.