One week from now the whole cryptospace will gather in the island nation of Singapore for the much-awaited XRP Swell Event. Now, many pundits are wondering if the usual “swell effect” will still affect the latest XRP prices which have been holding quite steady this year. The Indications are that XRP’s price will increase over the period that the event is said to occur.
To fully grasp what is to come as regards the upcoming event, one would have to take a look at XRP’s journey so far to get a bearing on the next set of moves that may occur come next week.
2019 and the End of Cryptowinter Created Opportunities for XRP
The end of cryptowinter in the first quarter of this year came with a sigh of relief to everyone who is involved with the cryptospace.
Things however didn’t warm up for XRP until around June when Ripple Labs Inc which is the parent company for the XRP token entered into a partnership with international money transfer firm Moneygram with Ripple Labs contributing a $50 Million investment and implementing its Xrapid platform among other things which gave the world a signal that XRP is coming of age.
Within the same period, rumors abounded that Ripple will be setting up an office in South America to expand into the financial ecosystem of the region.
However, it was the quarter 2 reports from Ripple Labs that created a new paradigm as many people now began to see the light.
With the announced deployment of Xpring which allows developers to access Ripplenet which will foster the creation of a new ecosystem driven by XRP as the primary token, many people began to see XRP as not just a token used for remittances and settlements as well, but also to fulfil other needs as required by developers who want to deploy their decentralized Apps (d’apps) in a sustainable way and manner.
The rumors turned out to be true and this gave the young remittance company a new launchpad to deploy its products into the southern hemisphere.
Things went smoothly and in August, Ripple gave out a grant of 1.5 Billion XRP as a grant to content monetization platform Coil.
Reports indicate that the grant was given to stimulate the content development ecosystem which will have a new effect throughout the internet as well.
The good stuff didn’t stop there.
In the last week of August, the first US bank (PNC) had joined Ripplenet indicating that big finance was and is still willing to work with Ripple Labs to make XRP be a part of the financial family of assets.
Being the 9th Largest bank in the United States on every scale, PNC joining Ripplenet shattered the myth that Cryptocurrencies and big banking will never make peace.
This also everyone’s’ attention both within the financial and cryptocurrency worlds.
XRP’s prices have also been great too.
Prices have always moved with the news but retraced in tandem with the rest of the cryptospace and will correct itself just like when prices surged on Ripples’ acquisition of Algrim in September.
What to Expect at the Swell Event
This Year’s Swell event is to bring together all the gains achieved so far.
Ripples’ main focus in this years’ swell is to show everyone that Ripplenet, Xrapid and all the other fun tools within the XRP ecosystem are all a part of the global fintech revolution.
As to the introduction of new tools or new tech?
Well, the truth is that no one knows what will happen!
One thing is sure though.
At this years’ event going by the agenda, the focus is on financial inclusion on an institutional basis.
The XRP ecosystem will be brought to bear in this regard.
So much so that many people expect new announcements or hints of future projects which Ripple may have in store.
In this regard again, that may not exactly be the case.
This is because the XRP ecosystem is entering into a period of consolidation where all gains must be kept within a sustainable framework for the future.
This is because the XRP ecosystem has been generally accepted as the baby of the financial system and the banks see Ripplenet as a sibling and not as the replacement unlike other cryptocurrency tokens and the blockchains upon which they are based.
This years’ swell event will also show that big banking an finance and cryptocurrencies can stay together in harmony with no quarrels whatsoever.
As to the effect on XRP’s price? Consolidation and a major bull run!
What do you think will happen at this years’ XRP Swell Event?
Please let us know in the comments!