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.
Cryptocurrency trader @galaxybtc labeled this opportunity as the ‘trade of the year,’
The trade of the year is coming once again on $XRP.
Long 2 weeks before Swell, and short when the event is over.
Price increase before event (USD)
Price decrease after event (USD)
Time to see what this year brings. pic.twitter.com/bW9qKUGv8Y
— Galaxy (@galaxyBTC) October 13, 2019
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:
- Kamal Quadir – The CEO of bKash, a mobile money service that is based in Bangladesh and aims to offer financial services to those who do not have access to traditional financial institutions.
- Dr. Raghuram Rajan – The previous governor of the Reserve Bank of India and director of research at the IMF.
- Ambassador Chan Heng Chee – The chair of Singapore University’s center for innovative cities.
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.
Do you think the XRP price will increase prior to the Swell conference? Let us know your thoughts in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.