The market has started its second week stable, with bitcoin holding strong above $6400. Most cryptos are also making slight gains, with XRP (XRP) up by about 1%. This increased positive sentiment in the market is great news for Ripple because it could be the boost it needs to make significant gains as SWELL 2018 approaches, in a slightly over a week.
SWELL 2O18 is the most anticipated event by the Ripple XRP community, due to the strategic nature of all the participants, and under current market conditions, it could be the pump that XRP needs as it starts the last quarter of 2018. Part of the reason why SWELL is highly anticipated is because ripple could use the event to announce some of the banks that are going live with XRapid. So far beta testing of XRapid has been quite successful.
The financial institutions that are testing it such Mercuryfx and SBI have confirmed that they will go ahead with it, for the efficiency and cost savings it brings. As such, if Ripple announces a few banks going live with XRapid, then it would be a big boost both to the short-term and long-term value of XRP. The good thing with banks is that they tend to follow each other’s actions in order to retain their competitive advantage. This can be seen with the adoption of the ATM, and internet banking in the last few decades. As such, when a few large banks announce that they are going live with XRapid, it is expected that the others will follow, in order to retain their edge in the market.
SWELL 2O18 is also heavily anticipated because it could give policy clarity on how different countries intend to deal with XRapid, an emerging technology that is about to take over banking. For instance, the speech by Mohsen Alzahrani, the head of innovation at the Saudi Arabian Monetary Authority, will give an hint at how ripple will reshape banking in the Arab world, where ripple has made serious in-roads in the recent past. Similarly, the speech by Marcello Yared will be closely watched because it will offer hints on how central banks in Latin America will respond as ripple slowly reshapes how banking is done not just in South America, but in the world at large.
Basically, SWELL 2018 carries more weight than SWELL 2017, not just in terms of short-term price movements, but also the future of XRP in banking. In essence, XRP offers a low risk crypto investment, not just for the next 2 weeks, but for coming years as well. If big strategic announcements are made during this event, and the market doesn’t dump in between now and D-Day, then XRP stands a good chance to break above $0.50 shortly after. All indicators at this point show that XRP (XRP) and the market in general has bottomed-out. XRP has held steadily above $0.26 for some time now, and is supported by bitcoin (BTC)’s price that also seems to have bottomed out at $6000 – $6200, thereby easing pressure on the rest of the market.
One thing is certain at this point. If the banking sector fully embraces XRapid, then XRP (XRP) could very easily break off from the rest of the market. That’s because banks would be pretty much the biggest participants in its trading volumes. The huge volumes they would bring would see XRP (XRP) rise above the pump and dump cycles that are characteristic of the crypto market today. It’s an interesting future ahead for the 3rd largest crypto by market cap. Just like it pulled a surprise rise in Q4 of 2017, quarter 4 of 2018 could also pull a surprise Ripple XRP price increase.