Ripple’s annual Swell conference has finally started yesterday, October 14th. Due to the on-going COVID-19 pandemic, Ripple had to resort to organizing Swell in virtual mode. As always, the anticipation caused the XRP price to increase somewhat, but the correction already started.
An annual conference held by XRP’s parent company, Ripple, has just started. As it was announced back in April of this year, the conference will be held virtually for the first time since the yearly gathering has first started, in 2017. However, many are also wondering how and if this way of holding the conference will allow it to impact the coin’s price.
Ripple Swell 2020 has started
Ripple Swell 2020 is an annual Ripple conference that first started in 2017 after the XRP community requested an event that would bring top figures from the crypto and blockchain worlds together.
Ripple responded by organizing Swell, which does not only attract crypto/blockchain leaders but even those in the banking sector.
There was a lot of speculation whether Ripple will even be able to hold Swell this year. The conference was scheduled to be held in London this year, although the coronavirus pandemic quickly forced the firm to retire such plans.
In April, however, Ripple announced that Swell is ‘going virtual,’ meaning that willing participants can join the conference remotely. And, as it turned out, it managed to pull it off, as the conference officially started yesterday, October 14th, 2020.
https://twitter.com/XRP_stuart/status/1252992552640425984
It is not a long conference, and it will end by the end of the day.
XRP price surges before Swell, but drops as the conference starts
Since it was originally created, Swell was known to have a strong impact on XRP price, so people were also wondering whether it will have a similar effect on it if it is in its virtual form.
In the past seven days, it turned out that the answer is yes, as Swell’s approach really did impact the coin’s price to an extent. In expectation of the event, XRP price went from $0.243530 to 0.26, although this level ended up being a strong barrier that did not allow XRP to keep going up.
However, when the conference actually started, XRP price started seeing a correction, so the pre-conference hype seems to have died down.
But, Ripple has already brought plenty of influential speakers, such as Mahesh Uttamchandani, the representative of the World Bank, as well as many others. One more example is the CEO of TPBank, Hung Nguyen, who has been using RippleNet since last year, being among the first movers to Ripple from the Asian market.
