Ripple’s XRP Outruns Bitcoin to Spike 6% Amid ‘Swell Event’ Hype

Ripple’s XRP Outruns Bitcoin to Spike 6% Amid ‘Swell Event’ Hype 1

XRP was performing better Bitcoin and the rest of the top rivals on Monday as investors/speculators anticipated bullish outcomes from an upcoming Ripple event.

XRP price leads the cryptocurrency market’s gains on Monday | Source:, Coinbase

The third-largest cryptocurrency by market capitalization established an intraday high of $0.2936 as of 0616 GMT. The move uphill brought its daily gains up by 5.73 percent, as calculated from the opening price. At the same time, XRP stole a large chunk of capital from the Bitcoin market, rising by as much as 5.13 percent against the benchmark cryptocurrency. The XRP-to-BTC exchange rate earlier established a sessional peak of 3,523 sats. At its lowest in Q3, the pair was trading at 2,967 sats.

XRP Swells Because of Swell

The upside swing in Ripple’s XRP closely followed its investment into a mobile wallet provider. The San Francisco-based blockchain company announced that it’s wing Xpring is injecting $750,000 into BRD. The move, according to Ripple, would prompt BRD to add support for XRP tokens, which, in turn, would boost the altcoin’s adoption.

While Ripple-BRD partnership offered a perfect excuse for XRP bulls to open new Long positions, prominent market analyst GalaxyBTC – a pseudonym – thinks the jump has more to do with Swell. It noted that XRP price jumps every time before the Ripple’s well-covered conference takes place. For instance, the altcoin spiked 115 percent in 2017 and 220 percent in 2019 – two weeks before the Swell event.

XRP price behaviors around Swell events | Source: GalaxyBTC

XRP is rising again right ahead of the Ripple conference, scheduled to be held on November 8 and 9 in Singapore. The altcoin has already surged by up to 14.29 percent in October. In comparison, bitcoin’s gains this month stand at a mere 0.5 percent.

No Long Term Gains

Swell should not make a HODLER out of traders.

GalaxyBTC noted an opportunistic trade behavior around the Ripple event. While XRP surged impressively ahead of it, the altcoin also fell dramatically after it. The moves showed that the Swell conference – in the past two years – turned into a money-making opportunity for speculators.

The downside corrections were minimal compared to the gains that camme before them. But considering bitcoin’s sustained dominance in the cryptocurrency market this year, coupled with its integration into the Wall Street firms (read Bakkt), traders could start shifting their capital back into the benchmark asset on the first signs of its revival.

Further engulfing XRP is a class-action lawsuit against Ripple. The outcome of it could define whether or not the altcoin is security. If the court rules that XRP is a security token, then it could severely hamper its growth in the long-term, for its entire issuance would be deemed illegal, per the 1946 Howey’s Test.

Click here for a real-time XRP price.

Disclaimer: The author holds small amounts of XRP, Bitcoin, Ethereum, and Binance Coin. The opinion expressed in the article above should not be taken as trading advice. Readers’ discretion is recommended.

This article was edited by Samburaj Das.

Last modified (UTC): October 14, 2019 09:01

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,791 0.57 % 1.62 % 2.33 %
Ethereum1,985.6 0.44 % 0.30 % 5.23 %
Tether1.000 0.03 % 0.03 % 0.03 %
BNB332.50 0.11 % 2.36 % 8.47 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
XRP0.4088 0.12 % 0.35 % 6.90 %
Binance USD1.001 0.28 % 0.07 % 0.02 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana49.17 0.25 % 0.90 % 14.37 %
Polkadot10.02 0.50 % 0.96 % 9.37 %

Bitcoin (BTC) $ 29,787.00
Ethereum (ETH) $ 1,980.89
Tether (USDT) $ 1.00
BNB (BNB) $ 330.72
USD Coin (USDC) $ 1.00
XRP (XRP) $ 0.407994
Binance USD (BUSD) $ 0.999001
Cardano (ADA) $ 0.518258
Solana (SOL) $ 48.94
Polkadot (DOT) $ 9.97