Tech

Key Insights and Potential XRP Price Movement

1 month ago
Bitcoin Ethereum News
  • The Ripple Swell 2024 was a massive success, bringing together some of the most respected leaders in crypto, policymakers and decision-makers to discuss XRP and crypto at large.
  • Swell events have historically sparked price rallies for XRP, and while the crypto hasn’t shot up this week, analysts expect it to rally and hit new local highs this month.

The biggest event in the XRP ecosystem concluded on Wednesday. Ripple Swell was a great success, with landmark announcements, partnerships, and alliances being struck. XRP was expected to rally on the back of the event, but the increase has been marginal, although analysts believe that it will still surge before the end of the month.

Swell kicked off with a bank on Tuesday, with Ripple announcing new partners for its upcoming RLUSD stablecoin. Ripple President Monica Long revealed that its distribution partners will include Bitstamp, Uphold, Bullish, Bitso, Moonpay, and Independent Reserve. Keyrock and B2c2, some of the industry’s most respected market makers, have also signed up, Long revealed, as we reported.

RLUSD will have the edge over market leaders USDT and USDC: it will be approved and on the ‘green list’ of the New York Department of Financial Services. With this added compliance, coupled with clear utility and Ripple’s wide crypto and financial network, RLUSD “is poised to become the gold standard for enterprise-grade stablecoins,” says CEO Brad Garlinghouse.

Beyond RLUSD, several notable voices in crypto and finance took to the stage, from Coinbase and French banking giant Société Générale to Latin American crypto leader Mercado Bitcoin and Google.

Compliance, convergence of AI and blockchain, tokenisation, stablecoins, crypto ETFs, crypto-related banking services and crypto utility were all discussed at length. Sheila Bair, the former FDIC chair, gave a fireside chat on day 1, while Pantera Capital founder Dan Morehead’s fireside chat with Garlinghouse rounded up the second day.

Morehead, whose firm was an early investor in Coinbase, Circle, Polkadot, TON, Wintermute and dozens more success stories, concluded:

Blockchain has so much promise that it’s often overhyped, and people think it will change everything overnight. It will change a lot of things, but it will take decades. I think the promise is coming to fruition…it’s a rising tide of opportunities that’s floating a lot of boats.

XRP has failed to rally following the event as it has historically done. At press time, it changes hands at $0.5517, gaining about 1% in the past day.

Since early Monday, it has gained 4.9%, peaking earlier today at $0.5636. According to one analyst, the monthly chart shows promising signs of an impending bull run. He says that the token’s monthly support trendlines have converged with the resistance trendlines, and whenever this happens, “the XRP run starts afterwards,” he told his 110,000 X followers.

 

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Source: https://www.crypto-news-flash.com/ripple-swell-2024-key-insights-and-potential-xrp-price-movement/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-swell-2024-key-insights-and-potential-xrp-price-movement