Although Bitcoin and other altcoins have continued on a free fall for the past couple of days, XRP, the third-largest cryptocurrency by market cap seems to be holding its ground.
This, however, can be attributed to the upcoming SWELL event – an annual event hosted by Ripple. Because of this, analysts call for the community to brace up for some jolly ride, bagging lots of values from the XRP cryptocurrency while it lasts.
Ripple’s Swell Event Positive Factor
Ollie, an avid crypto analyst, in a recent analysis on TradingView, explained how XRP would grab an extensive surge between now and the Ripple Swell event.
As maintained by Ollie, this is a repeat of the bullish breakout as seen in 2017 – ‘the year of crypto hype’.
According to his chart, in September 2016, XRP which was trading at $0.005 at the time made a 72.86% gain, which saw price trading above the downtrend line.
Despite a price drop after that event, XRP was still noticed to trade above the trend line, finding support on the line in January and March of 2017. Afterward, the bulls took XRP’s price several percentages higher, which saw it trade over a penny and later pushing up to its all-time highest point.
However, Ollie seems to have sighted a similar pattern. XRP made its 70%+ move in May 2019 and found support above the downtrend line from July through September and is now set for another Unusual Breakout.
Similar Theory But Possible Caveat
Another analyst, Galaxy, by the username @galaxyBTC, seems to share a similar opinion. Galaxy, while briefing the community said the trade of the year is coming once again on XRP and aired his view on the past price increases before and after the event.
Galaxy is placing his forecasts based on similar patterns, as seen in 2017 and 2018, which saw the price of XRP surged +115% and +220% respectively. Galaxy also expects that there would be a drop after the event this year as well. This is based on the fact that it slumped by 43% in 2017 and 51% in 2018 sequentially.