Ripple has not been increasing beside the expected rally due to the oncoming of the conference that is going to happen in the next 2 to 3 days. Analysts were optimistic that XRP could show a big move but the speculations seem to be just suppositions as there is no disturbance on the part of token towards some satisfactory direction.
Onset of Swell Conference and its possible effects
Swell conference was expected to happen on Nov.7 and people are sharing their sentiments that XRP will show a move before the happening of the conference. Luke Martin, a famous crypto expert said two days ago that he is very hopeful about the price of the token. Similarly, most other analysts shared their statements about price prediction.
In 2018, the price value of XRP coin spiked to some record figure that happened just before two weeks of the conference. The noticed surge unveiled that price was increased from $0.2726 to $0.6177. It is also noteworthy that about 1.70 million transactions recorded on 16 January 2018. So the expected bullish rally was based on data of the previous year.
The value was speculated to touch the mark of $4 but it is not even crossed the annual highest mark of $0.47. The current price at the time of writing is $0.29 with a minimum change in 24 hours.
Increased Transactions but Price remained Stagnant
The last days of October were very important for Ripple because the number of transactions spiked to a significant level and surged from $720,000 to 1.6 billion transactions per day. This was obviously due to the onset of the annual Swell conference. The rise up in the transactions was also failed to lift up the price.
Ripple Company has made a lot of agreements and contracts with giant companies and firms and its coin adoption is also doubled. But we have not seen any significant change in its value and still hovering at a very low position. This may be due to its escrow storage of tokens which according to many is manipulating the coin price.