Luke Martin of Venture Coinist says he’s giving up on the potential for a big XRP pump ahead of Ripple’s 2019 Swell conference.
Swell begins on November 7th in Singapore, and despite initially expecting the price of the third-largest cryptocurrency to jump in advance of the event, Martin says his outlook has been invalidated.
“Wrapping up this thread as I don’t have any interest in XRP anymore.
The theme worked all the way through October until Bitcoin took off. Did not reach the final 4000 sat target. Back to where it started. Maybe next swell!”
XRP spiked just before Ripple’s Swell conference in 2018, jumping from $0.2726 to a high of $0.6177 about two weeks before the event took place.
Meanwhile, XRP’s daily transaction volume is holding steady at near-record levels.
The XRP Ledger has processed 1.63 million transactions in the last 24 hours, according to BitInfoCharts.
That’s just shy of its all-time high of 1.70 million transactions, which was set back on January 16, 2018.
At time of publishing, XRP represents 52.5% of all crypto transactions, with Ethereum in second at 22.2% and Bitcoin in third at 10.0%.
So far, there is no concrete explanation for the surge in XRP transactions, which began climbing on October 22nd.
However, appears to be a rise in XRP IOU transactions, which is a built-in feature on the XRP Ledger designed to give people a digital way to trade various types of assets.