Ripple Swell 2024 has begun. This annual event will discuss various things about crypto, blockchain, and existing crypto regulations. How will Ripple Swell affect the price of XRP?
Ripple Swell 2024 has started on October 15. For two days, Ripple will hold a conference to discuss crypto, blockchain, and investment regulations.
Then, how will the Ripple Swell 2024 affect XRP price? Will it provide a positive trigger so that the price of the token rises? Check out the detailed explanation below.
Ripple Swell 2024’s Highlights
Ripple Swell 2024 is Ripple’s annual event. This year was the eighth year of the Ripple Swell event which was held in Miami on October 15-16 2024. There were more than 600 participants from more than 40 countries attending.
At Ripple’s annual conference this year, several great speakers will appear, from Andrienne Harris who is Head of Financial Services in New York to Tim McCourt as senior managing director of Chicago-based CME Group.
Ripple Swell 2024 opened with a chat about regulations and the crypto landscape in America. In this session, discussions about court cases that are often carried out by the SEC are of course also carried out. Discussions about stablecoins have not gone unnoticed, especially since Ripple also has plans to issue its stablecoin.
For the second day, discussions will revolve around leadership influencing the crypto market. The leadership in question is of course the arrangement of a state leader who also discusses the current general elections in America.
America as a country that is often a center for investment, including crypto, its leadership is certainly in the spotlight. Because, of this leader, new regulations will be created which could later have a positive or negative impact on the crypto market.
Effect of Ripple Swell on XRP Price
XRP token holders are eagerly awaiting this Ripple Swell event. Because, at this event, Ripple will also make announcements that often have a good impact on XRP token holders. So, don’t be surprised if the price of XRP can increase when this event takes place.
However, unfortunately, when this article was written on the first day of Ripple Swell 2024, the price of XRP decreased by -0.08%. Currently, XRP is trading at $0.5406.
Even though it has experienced a decline, the RSI value of XRP is still above 50, which means the buying trend is still slightly more dominant than the selling trend. The MACD line for this token is still above the existing limit line.
It is believed that the percentage decrease in the price of XRP that is less than 1% will not last long and could cause the price to bounce up.
When Will the RLUSD Stablecoin Launch?
Ripple Swell 2024 is also an event where the Ripple community collects the latest information regarding the launch of the RLUSD stablecoin. RLUSD is predicted to be a strong stablecoin because it focuses on regulations under the New York Trust Company Charter with its very strict supervision.
RLUSD has been testing on the XRP ledger and Ethereum mainnet since August 9.
Ripple claims that there will be a third-party audit of cash assets in every monthly report published so that there will be strong transparency and accountability.
Until the time this article was written, Ripple had not made an official announcement when RLUSD would be launched.
Conclusion
In general, the opening of the Ripple Swell 2024 event has not had a significant influence on the price of XRP the price has decreased. However, optimism for an increase in XRP prices remains, especially since October always provides a positive signal for the crypto market.
For those of you who are currently doing research before buying XRP, you can make maximum use of Bitrue’s features. You can check XRP price in real-time, knowing the price conversion XRP to USD easily, to follow the development of information on the Ripple project as a whole from time to time on the Bitrue blog.
This press release has also been published on VRITIMES