Instead of ‘Swelling’, Ripple’s XRP is ‘Selling Hard’, But Why?
Ripple’s Swell conference usually provides good bullish momentum for its native token XRP. The annual gathering of company bigwigs, bankers and academics provide an opportunity to ‘big up’ the product, but that is not being reflected in its crypto prices today.
Highlights From Ripple Event
Company executives and industry experts have gathered in Singapore this week for the Swell event from November 7 – 8. In a press release earlier this week the San Francisco based fin-tech firm announced that it had surpassed 300 customers and seen a tenfold year on year increase in transactions on RippleNet.
The event is usually used by company bosses and Ripple advocates to deliver future plans for the payments network. Earlier this week CEO Brad Garlinghouse spoke to Forbes before the event kicked off stating;
As we kick off the conference, we’re really pleased with all the momentum. There are strong network effects: the more customers you have on the network, the more value in joining the network.
He also told Bloomberg that 99% of the crypto assets out there that are trying to solve similar problems will probably go to zero. Or course, his own centralized crypto asset will not be among them so he doesn’t think about its price in the short term.
On the opening day of Swell senior director of product, Ginger Baker hosted a panel of On-Demand Liquidity (ODL) customers. ODL, which was announced at last year’s conference, leverages XRP as a bridge currency to eliminate the need for pre-funding in cross border payments.
There was a lot of talk about the expansion of the network and onboarding new customers in addition to presentations from some of the firm’s partners. The usual flashy ostentation was in abundance but no major announcements emerged from day one.
That's a wrap on day 1! We'll swellebrate again tomorrow.
— Ripple (@Ripple) November 7, 2019
XRP Not Swelling
The lead up to the conference has been quite bullish for XRP which has gained almost 15% over the past month. The ‘XRP Army’ on crypto twitter has been hyping the event for weeks however their efforts have been in vain as the token slumped on day one.
Following a brief pump to top out just over $0.31 XRP plunged 11% as it wicked out at $0.275 yesterday. A slight recovery has left the Ripple token trading just above $0.28 at the time of writing, but it appears a fresh dump has just begun and the token is selling hard.
Maybe the XRP Army was expecting bigger things from day one of Swell, and maybe the will come on day two, at the moment though that looks unlikely.
I actually thought @Ripple had surprisingly good news today. Turning out to be the not so swell conference! Was everyone leveraged long $XRP expecting a pump? This is a massive sell off all things considered?! pic.twitter.com/xhU3wKm2xW
— Alex Saunders (@AlexSaundersAU) November 7, 2019
Will XRP get a boost from the second day of the Ripple’s Swell conference? Add your thoughts below.
Images via Shutterstock, XRP/USD charts via TradingView, Twitter: @Ripple, @AlexSaundersAU