Ripple (XRP) is leading the top cryptocurrencies in gains today, likely in anticipation of the Swell 2019 conference. Last year, XRP posted similar gains in the month preceding the conference as well.
Could the momentum be turning bullish for Ripple (XRP)? After taking much of a beating in 2019, the third-largest cryptocurrency is leading the market in gains today. The positive move comes a month before the long-awaited Swell conference which will be held by Ripple in Singapore.
Ripple Leads the Market in Gains
XRP is up around 6% against BTC at the time of writing, posting a bullish divergence which may indicate that a further uptrend is likely.
RSI remains high, so XRP may need to consolidate around this price point before another move upward. Still, the momentum seems promising. The rally will come as a relief to many XRP holders, who have seen their holdings post the only losses for the year among the top-10 cryptocurrencies.
Bullish Momentum in Anticipation for Swell 2019
There’s been speculation that the recent move upward is due to anticipations surrounding Ripple’s upcoming Swell conference. To be held in Singapore, the conference will take place from Nov 7 – 9. It is considered the most important Ripple conference of the year.
Last year, the Swell conference served as a catalyst for a significant uptrend. It was then that that XRP moved from around $0.42 on Oct 14 to $0.51 on Nov 13. Another run-up was also seen that year in September, which saw the cryptocurrency spike $0.25 on Sept 11 to $0.58 on Sept 21.
Of course, there’s no way to be certain whether XRP will repeat the same market movements it made before the last Swell conference. However, considering that the cryptocurrency is currently trading for $0.266 at the time of writing, there is significant room for growth. It is well below where it was at this point in 2018.
Despite Bitcoin’s recent stagnant price, XRP is leading top cryptocurrencies in gains which may signal that bullish momentum is brewing for much of the non-Bitcoin cryptocurrency market.
Do you agree that XRP will continue to move upward in anticipation of Swell 2019? Let us know your thoughts below in the comments.
Images courtesy of Ripple, TradingView.