Ripple (XRP), the world’s third-largest cryptocurrency, is outperforming its top 10 peers, bucking a downtrend observed across the broader cryptocurrency market. According to data from cryptocurrency tracker Coinmarketcap, the Ripple price (XRP/USD) has gained about 9% over the past 24 hours. Meanwhile, some of the coin’s largest rivals, namely Bitcoin Cash and Neo, are posting double-digit percentage losses.
One factor that might be responsible for the rally is Ripple’s upcoming conference Swell, which will be taking place in Toronto from October 16-18. The event will feature former US Federal Reserve Chairman Ben Bernanke and the inventor of the World Wide Web Tim Berners-Lee as keynote speakers.
Ripple’s initial announcement of Swell in August failed to impress investors, but with the event fast approaching, it seems the excitement has started to build up. Some are hoping for major reveals at the conference, though this seems rather unlikely.
Back in August, Ripple said that “Swell is attracting a roster of payments experts and industry luminaries to discuss trends, success stories of blockchain implementations and real-world blockchain use cases to meet changing customer demands for global payments”. This suggests that the inaugural conference will be more about raising awareness of the blockchain technology and its applications in the world of finance, rather than unveiling new projects or partnerships.
However, it is worth noting that Swell will go head-to-head with SWIFT’s annual banking and financial conference, Sibos, which is set to take place from October 16-19 in Toronto.
Ripple is also benefitting a notable spike in global market activity. Ripple’s 24-hour trading currently stands at $321 million, which marks a huge increase from yesterday’s $50 million. The jump is largely driven by South Korea’s Bithumb exchange, which accounts for nearly 50% of the volume. Smaller South Korean rivals Coinone and Korbit capture 12.7% and 8.9%, respectively.
In today’s trading, the Ripple price stood at $0.221, as of 10:03 BST. The digital currency has risen 8.3% over the past 24 hours, according to Coinmarketcap
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.