Ripple Swell 2024 was a huge success, bringing together some of the most respected leaders, policy makers, and decision makers in the crypto space to discuss XRP and crypto in general. Historically, swell events have triggered a rise in the price of XRP, and although the cryptocurrency did not soar this week, analysts expect the price to rise this month and hit a new local all-time high.
The biggest event in the XRP ecosystem concluded on Wednesday. Ripple Swell was a huge success, leading to groundbreaking announcements, partnerships, and alliances. XRP was expected to rise following the event, but the gains were modest, with analysts expecting further gains by the end of the month.
The swell began on Tuesday with a collaboration with banks, Ripple announcing new partners for its upcoming stablecoin RLUSD. Ripple President Monica Long revealed that its distribution partners include Bitstamp, Uphold, Bullish, BitSo, MoonPay, and Independent Reserve. As we reported, Long revealed that Keyrock and B2c2, one of the most respected market makers in the industry, have also signed up.
RLUSD will have an advantage over market leaders USDT and USDC. RLUSD is approved and placed on the New York Department of Financial Services’ “Green List.” This added compliance, combined with clear practicality and Ripple’s extensive crypto and financial network, makes RLUSD “poised to become the gold standard for enterprise-grade stablecoins,” CEO Brad Girling said. House said.
In addition to RLUSD, several other prominent companies in the crypto and finance space took to the stage, from Coinbase and French banking giant Société Générale to Latin American crypto leader Mercado Bitcoin and Google.
Scenery of one day✌️#rippleswell🌴 pic.twitter.com/wXQOPHhzCI
— Ripple (@Ripple) October 16, 2024
Compliance, the convergence of AI and blockchain, tokenization, stablecoins, crypto ETFs, crypto-related banking services, crypto utilities, and more were all discussed in detail. The first day featured a fireside chat with former FDIC Chair Sheila Baer, and the second day concluded with a fireside chat between Pantera Capital founder Dan Morehead and Garlinghouse.
Morehead, an early investor in Coinbase, Circle, Polkadot, TON, Wintermute, and dozens of other success stories, concludes:
Blockchain is often overhyped because there are a lot of expectations and people think that blockchain will change everything overnight. Many things will change, but it will take decades. I think that promise is coming true…it’s a rising tide of opportunity that is floating many boats.
#rippleswell by the fireplace @dan_pantera and @bgarlinghouse 🔥
Two amazing days packed with ground-breaking ideas and unparalleled opportunities to connect. 👏
Thank you, Miami! 🌴 pic.twitter.com/iVLmbBGTV8
— Ripple (@Ripple) October 17, 2024
XRP has not been able to rise after the event as it has in the past. At the time of writing, it was trading at $0.5517, up about 1% over the past day.
Shares have risen 4.9% since early Monday morning, hitting an intraday high of $0.5636. According to one analyst, the monthly chart shows promising signs of an impending bull market. He told his 110,000 X followers that the token’s monthly support trendline converges with its resistance trendline, and whenever this happens, “then a run begins for XRP.”
Short time frames give distracting signals.
But the monthly chart…
There’s no space left.
When support and resistance lines intersect,
of $XRP Then the run begins.
Once the price crosses the Ichimoku cloud, XRP will be unstoppable. pic.twitter.com/W4RzIxQBTO
— Dark Defender (@DefendDark) October 17, 2024
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