- XRP gains over 2% on Monday, trades above $0.5400.
- Ripple Swell, the annual conference held for the payment firm’s partners and clients, is scheduled for October 15 and 16.
- XRP eyes return to $0.60, the key psychological barrier for the altcoin.
Ripple (XRP) trades above $0.5400 early on Monday. The altcoin added over 2% to its value on the day, ahead of a key event. Ripple, a cross-border payment remittance firm, is gearing up for its annual conference called Ripple Swell.
The event is held for partners and clients of the firm and focuses on showcasing new developments and technology introduced by Ripple.
XRP holders watch the event closely for announcements and updates on the stablecoin project Ripple USD (RUSD) and the firm’s custody solutions.
Daily Digest Market Movers: Ripple Swell is likely the catalyst behind XRP gains
- Ripple Swell is the firm’s annual flagship event where executives talk about the latest updates in Ripple’s services and new products.
- In last year’s event, Ripple announced that the firm is preparing to serve Small and Medium Business Enterprises (SMEs). A panel of experts confirmed that Dubai, an emirate of the United Arab Emirates (UAE), is emerging as a hub and that crypto plays a crucial role in sustainability and climate finance.
- Ripple Swell is scheduled for October 15 and 16 in Miami.
- This year, XRP holders keep their eyes peeled for the announcement of the stablecoin RUSD’s launch date, new partnerships for digital asset custody solutions, and executives’ stance on the Security & Exchange Commission’s (SEC) recent appeal in a lawsuit.
- Ripple filed a counter appeal to the SEC after deliberation, and its Chief Legal Officer and CEO slammed the US financial regulator for their approach to crypto regulation.
Technical analysis: XRP eyes return to $0.60
XRP is in an upward trend that started on July 5, 2024. The XRP/USDT daily chart shows that the altcoin could climb nearly 10% to $0.60, a psychologically important level. XRP faces resistance at the upper boundary of the Fair Value Gap (FVG) between $0.5778 and $0.5445.
The Relative Strength Index (RSI) is at 46, which is close to 50, the neutral level.
XRP/USDT daily chart
If there is a correction in XRP, the altcoin could sweep liquidity at $0.5188, the lower boundary of the FVG on the daily chart. The October 3 low of $0.5068 is another key support level for Ripple.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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