The long-awaited Swell conference is taking place today, and its anticipation has seen XRP set a record in September. The event will highlight Ripple’s product line and will see keynote speeches from the likes of Bill Clinton.
The event will take place in San Francisco. It will “connect the world’s leading experts in policy, payments, and technology for the most proactive dialogue in global payments today.”
XRP outperformed the other altcoins in September
In a month when Bitcoin saw a 5 percent drop in value and many other crypto coins recorded losses, no crypto coin was able to record more gains than XRP in September. The performance was not only bullish but also record-setting.
On September 21 alone, XRP shot up to more than 75 percent and ended the day with the highest trading volume ever recorded on one of the most popular crypto exchanges; Bitfinex.
The explosive gains also saw XRP overtake ETH by market capitalization and this made it the second largest cryptocurrency. A feat it last accomplished in December of 2017.
Still, Ripple has managed to complete September with over 80 percent gain cementing its place as the top performer among the top 25 crypto coins by market capitalization.
September 18 – 22 was the most productive period for XRP. Its price surged by 150 percent to record a three-month price high of $0.69 from $0.27. Its market cap has also risen to $24 billion surpassing Ethereum as the number two cryptocurrency.
A pullback may be on the horizon
There is a chance the crypto-coin will experience a pullback after the two-day event is over. Already we are witnessing this as the altcoin is currently trading at $0.54 representing a 10% decline in the past 24 hours.
However, the technical bias indicates that price should remain bullish as long as it’s trading above the $0.43 mark.
Are we likely to see XRP set a record again in October after the Swell Conference? Share your thoughts in the comment section below.