Does this pose of raising your sword with your right hand have any significance? For example, is this a famous pose used by a real life legendary swordsman? Both Zoro of One Piece and Erza of Fairy Tail have used this pose.
I don't think it is reference to anything specific since it's overly common whenever swords are (and sometimes when they aren't) involved in media.
it's usually a show of triumph by combining display of:
tvtropes call it StabTheSky.
To add on to Rarst's answer, the pyramid-shaped stance naturally channels the viewer's gaze to the sword, especially to its tip. This places focus on the "warrior spirit", typical of a declaration of victory. The "warrior spirit" is raised to a high position by the stance, which further befits the idea of "dominance".
I don't think there is a hidden meaning behind this. In my opinion, it is just a pose that shows determination. It could be also used a salute. For example, a "classical" sword salute looks like this:
The Olympic Flame is also carried this way:
So I would say that this pose means just that, no special hidden meaning involved. And yeah, it also looks cool.