XRP's technical indicators are bullish in anticipation of Ripple Swell

XRP surged more than 40 percent over the last few weeks as Ripple prepares to host its annual conference, Swell.

In 2017, XRP hit a low of $0.15 around 30 days before the conference took place.

As the market did not see enough value on the announcements made during the conference, XRP went through a 42 percent correction.

Along the same lines, XRP experienced a 214 percent upswing last year in anticipation of Swell.

After the conference was over XRP plunged 64 percent over the next 2 months hitting $0.29 on Dec. 15, 2018.

The following technical analysis will evaluate whether XRP is indeed bound for a higher bullish impulse.

XRP is showing different bullish signals across multiple time frames that add credibility to the idea that it will experience a bullish impulse in anticipation of the upcoming Swell conference.

As the market prepares for this year's Swell conference, XRP is in an uptrend that resembles its price behavior prior to the conferences of 2017 and 2018.

Peter Brand, a renowned technical analyst with over 40-years of trading experience, stated that the recent swing low that XRP made provided "Some evidence" that it is bottoming against Bitcoin.

Despite the bullish sentiment around it, a report by the Crypto Rating Council concluded that XRP has a high probability of being classified as a security by the U.S. Securities and Exchange Commission.