- XRP’s price increased by 16% in the last week as Ripple is set to kick off its Swell event.
- With its MVRV ratio at a new high, profit-taking activity might push down XRP’s value
Ahead of the Ripple Swell event scheduled to commence on the 8th of November, XRP has posted a 16% price growth in the last week.
Ripple Swell is a two-day event often held in November since 2017, where leading figures in the global payments industry come together to discuss a variety of topics.
Crypto research firm ASXN noted in a recent post on X (formerly Twitter) that XRP’s value usually sees a surge leading up to the Swell conference but tends to decline afterward.
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XRP typically rallies into their flagship Swell conference, before dropping post the conference.
The Swell conference is being hosted in Dubai this year from Nov 8th-Nov 9th and has rallied ~40% into the event. pic.twitter.com/KgEue6wLx9
— ASXN (@asxn_r) November 7, 2023
The rally in price ahead of the event is typically tied to the yearly anticipation of the significant announcements expected to be made at the gathering.
In a post made on the 27th of October, pseudonymous X user WKahneman noted that specific announcements to be made at this year’s Swell event remain uncertain. However, there are some possibilities on the table.
These include an Initial Public Offering (IPO), the acquisition of a Virtual Assets Regulatory Authority (VARA) license, Central Bank Digital Currencies (CBDCs), stablecoin/tokenization initiatives, and more.
Additionally, the event may shed light on whether Ripple continues to view itself primaril
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Author: Abiodun Oladokun
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