Since Sept 24, 2019, the price of XRP has increased by a commendable 26%, leaving some other noteworthy cryptocurrencies in the dust. The timing of this increase, right before Ripple’s annual Swell conference, is very similar to that of last year and the year before.
The Swell conference will be held on Nov 7-9 in Singapore. As mentioned above, the price of XRP has increased significantly in anticipation of this conference in the previous two years.
Cryptocurrency trader @galaxybtc labeled this opportunity as the ‘trade of the year,’
According to GalaxyBTC, a good strategy to trade this setup would be to go long two weeks prior to the conference (Oct 24), and short as soon as the conference is finished (Nov 10).
Ripple’s Swell Conference
Swell is one of the more unique conferences in the blockchain industry. It is hosted by Ripple and focuses on topics such as the technology behind XRP and the policies that surround it.
It aims to bring together the most eminent voices concerning payments technology and financial services in order to discuss the reality of global payments.
In 2019, the keynote speakers are scheduled to be:
Technical Outlook
According to the fractal posted by @galaxybtc, the price of XRP is likely to increase to the July high of nearly $0.55.
As is visible in the image below, the price is right at the resistance line of the descending wedge it has been trading in since May 15. Assuming the price will not break out just yet, but will rather decrease until Oct 24, two weeks prior to the conference, we get an increase of 100% from $0.25 to $0.50.
When we look at a short-term time-frame, a decrease towards $0.25 seems very likely.
There is a significant bearish divergence in both the RSI and the MACD.
Therefore, it would be likely to see a drop towards the middle of the wedge before a possible breakout preceding the conference.