- XRP’s price surged 27 percent weekly, hitting $0.68, coinciding with Ripple’s Swell conference in Dubai.
- Ripple’s IPO speculation and regulatory developments have contributed to XRP’s recent gains.
XRP has recently taken center stage with a notable 27 percent surge in its price over the past week. This impressive performance has brought XRP’s cumulative gains to around 30 percent during this period. Moreover, within the last 24 hours, XRP experienced a bullish surge that catapulted its price above a significant milestone – $0.68.
It’s not just the price rising for XRP; its trading volume has also witnessed a significant uptick. Over 24 hours, traders exchanged a staggering $2.495 billion worth of XRP, marking a remarkable 162.41 percent increase compared to the previous day.
This surge in XRP’s price and trading volume is taking place concurrently with the Ripple Swell conference, which is currently underway in Madinat Jumeirah, Dubai. Ripple Swell is a gathering of influential figures from the worlds of finance, blockchain, and fiscal policy.
Anticipation and Speculation
There’s a sense of anticipation surrounding the Ripple Swell event, with speculation about what Ripple might announce during this high-profile gathering. Among the various possibilities being considered are the announcement of an Initial Public Offering (IPO), discussions related to Central Bank Digital Currencies (CBDCs), developments in stablecoins and tokenization, and the potential to attract new users. After a relatively quiet year, many are eager to see whether Ripple still sees itself primarily as a payment-focused company.
One of the most prominent points of speculation centers around the possibility of Ripple using the Swell conference as a platform to announce its intention to go public through an Initial Public Offering (IPO). This move could have far-reaching consequences not only for Ripple but also for XRP.
This year's SWELL may be very significant. Don't know what might be announced, but there are possibilities:
IPO
VARA license
CBDC
Stablecoin/tokenization
New users(!) – after a year of silence, we may gain more detail if #Ripple still considers itself primarily a payment company.— WrathofKahneman (@WKahneman) October 27, 2023
Impact on XRP
Wall Street expert Linda Jones has suggested that if Ripple goes public through an IPO, its stock price could skyrocket, possibly reaching above $600. Such increased attention on Ripple’s IPO could lead to an upturn in XRP’s market value. If Ripple’s stock price crosses the $600 mark, it could make the prospect of XRP’s price reaching double digits a tangible possibility.
In addition to its impressive gains in USD value, XRP has shown a remarkable 23 percent surge against Bitcoin in just one week. Notably, the price of the Ripple Ledger (XRPL) coin exceeded $0.68, a level not seen since early August.
Several factors are contributing to XRP’s recent surge. The social dominance metric, which measures market sentiment, has experienced a significant spike, the highest since mid-July. This surge in social media conversations about XRP could indicate growing interest and speculative hype, often preceding price movements.
Technical Outlook and Regulatory Developments
From a technical perspective, XRP’s price movement has been favorable, trading above the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a bullish trend. The Relative Strength Index (RSI) is comfortably above the neutral 50 mark, reinforcing the bullish sentiment and suggesting a continued uptrend.
Regulatory developments have also played a role in XRP’s recent performance. The SEC dropping charges against Ripple’s leaders and regulatory approval in Dubai have increased confidence in XRP’s potential.
