XRP’s price increased by 16% in the last week as Ripple is set to kick off its Swell event.
With its MVRV ratio at a new high, profit-taking activity might push down XRP’s value
Ahead of the Ripple Swell event scheduled to commence on the 8th of November, XRP has posted a 16% price growth in the last week.
Ripple Swell is a two-day event often held in November since 2017, where leading figures in the global payments industry come together to discuss a variety of topics.
Crypto research firm ASXN noted in a recent post on X (formerly Twitter) that XRP’s value usually sees a surge leading up to the Swell conference but tends to decline afterward.
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XRP typically rallies into their flagship Swell conference, before dropping post the conference.
The Swell conference is being hosted in Dubai this year from Nov 8th-Nov 9th and has rallied ~40% into the event. pic.twitter.com/KgEue6wLx9
— ASXN (@asxn_r) November 7, 2023
The rally in price ahead of the event is typically tied to
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