The highly anticipated Ripple Swell 2024 concluded this Wednesday, leaving attendees buzzing with groundbreaking announcements, new partnerships, and high-profile speakers. However, XRP’s expected price rally has been lukewarm, despite predictions from analysts suggesting a surge could still occur before the month’s end.
RLUSD: Ripple’s Enterprise-Grade Stablecoin Poised to Dominate
The Swell event kicked off on Tuesday with Ripple unveiling new partners for RLUSD, its upcoming enterprise-focused stablecoin. President Monica Long announced partnerships with Bitstamp, Uphold, Bullish, Bitso, Moonpay, and others. Ripple has also secured Keyrock and B2C2—two leading market makers—to support RLUSD’s liquidity.
What sets RLUSD apart is its regulatory advantage. The stablecoin is expected to be listed on the New York Department of Financial Services (NYDFS) green list, positioning it as a serious competitor to market giants USDT and USDC. Ripple CEO Brad Garlinghouse believes RLUSD will set a new benchmark, stating, “With compliance and utility on our side, RLUSD is poised to become the gold standard for enterprise-grade stablecoins.”
Global Finance Giants Take the Stage
Ripple Swell attracted major players across the financial and crypto sectors. Speakers from Coinbase, Société Générale, Mercado Bitcoin, and Google discussed key topics such as the convergence of AI and blockchain, crypto utility, tokenization, and the future of crypto ETFs.
Sheila Bair, former FDIC chair, captivated attendees with a fireside chat on the importance of regulatory frameworks, while Dan Morehead, founder of Pantera Capital, offered insights on blockchain’s future. Morehead warned against overhyped expectations, stating, “Blockchain has immense potential, but real transformation will take decades. It’s a rising tide that’s lifting many boats.”
Despite the event’s success, XRP failed to deliver the price rally that many had hoped for. Currently trading at $0.5517, XRP has gained just 1% in the past day and 4.9% since Monday, peaking at $0.5636 earlier today.
However, crypto analysts remain optimistic. One expert pointed out that XRP’s monthly support and resistance trendlines are converging—a pattern that historically signals the start of a bull run. He assured his 110,000 followers on X (formerly Twitter), “When these trendlines meet, XRP typically takes off right after.”
Also Read: SEC Appeals Ripple Ruling – Stakes Soar As XRP’s Future Hangs On $1.3B Legal Battle
Will XRP Rally Before Month-End?
Though the price surge following Swell has been underwhelming, many believe the token is on the verge of a breakout. With RLUSD’s launch, new partnerships, and regulatory backing, XRP’s fundamentals remain strong. Market watchers suggest that once momentum builds, the token could see significant upward movement before the month ends.
Ripple Swell 2024 delivered everything from landmark partnerships to promising discussions on the future of crypto and finance. While XRP’s post-event rally hasn’t yet materialized, analysts maintain that a bullish breakout is still on the cards. As the month progresses, all eyes will be on XRP to see if it can capitalize on the excitement surrounding Ripple’s ambitious new ventures.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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