Many enthusiasts expect Ripple Labs’ XRP token to explode in the run up to the upcoming Swell conference. The Swell conference, which is hosted by Ripple and is its biggest conference of the year, will be held on Nov 7-9 in Singapore. It aims to bring in influential voices in the financial services, technology, and payments industry in order to discuss the current global payments industry.
Ripple and XRP still tied at the hip
As much as Ripple pleads it’s a disinterested user of XRP, the company is doing an awful lot to bring attention to the controversial digital asset. As the largest holder of XRP tokens, which it keeps in a massive escrow reserve, Ripple is a defendant in class-action lawsuits about whether XRP should be regulated like a stock (the ostensibly centralized control and ownership of XRP could factor into the outcome of the case).
Historical performance of XRP before Swell Conference
In the month preceding Swell in 2018, XRP has more than doubled in value and at one point, XRP even briefly surpassed the market cap of ethereum, a prominent rival token.
This year’s price action is almost diametrically opposite – XRP is lackluster and indifferent to external impetuses for almost half a year. There were couple of major news coming from Ripple camp but the price of XRP token kept being rejected at the $.30 level.
One year ago, the price of Xrp dropped 13% during the event. Coming off the back of 100% weekly rally, the price of XRP stalled despite couple of bigger announcements.
Since the warm up to the conference is different this year, with no price surge, we probably won’t see the last year’s drop either – meaning, XRP will stay in its current disinterested and flaccid stage.
Last year was a clear case of “buy the rumor, sell the news” – an old stock market saying. The 100% surge took place as Ripple teased the adoption of xRapid in the preceding weeks. When it was finally announced at the conference, the price dipped.
Last year’s conference had some stellar names as participants: beginning with President Bill Clinton’s keynote address, day one of Swell featured remarks by CEO Brad Garlinghouse on the Internet of Value and Banco Santander’s Head of Innovation Ed Metzger on One Pay FX, the first mobile app for cross-border payments using RippleNet.
Other Ripple News
Banking giant and Ripple partner SBI Holdings says it plans to use XRP to power remittances from Japan to Southeast Asia.
In a new report on the company’s performance and strategy, SBI says its remittance platform, SBI Remit, will utilize Ripple’s XRP-powered xRapid, which is now known as On-Demand Liquidity (ODL).
SBI Remit utilizes MoneyGram’s payments network. MoneyGram partnered with Ripple back in June and is utilizing ODL to send dollars into Mexico using XRP as a bridge currency.
The report also says that SBI Ripple Asia, another subsidiary of SBI Holdings, will ultimately cover nearly half of Ripple’s global payments network.