Make the texture N overlapping swords with a fade out in transparency, much like the image you posted of the soldier, and use that, rather than just the sword texture.
The texture will get stretched across the ribbon chain, and as ribbons die, it should produce the visual effect you want.
Play with the lifetime of ribbons etc. to get best results of course.
That being said, thinking a bit more, this might work better with a particle emitter, with zero gravity, and the alpha fading out, it should look a lot more natural, and can work directly with the sword texture.