XRP currently trading at $2.21 with 71% of Binance traders holding long positions
Eric Trump suggested crypto could replace SWIFT, fueling Ripple-SWIFT replacement rumors
XRP forming a symmetrical triangle pattern with potential breakout target of $2.50
Technical indicators show resistance at $2.24-$2.30 with support at $2.15-$2.12
Price reclaimed momentum above $2.20 but remains below the 100-hourly Simple Moving Average
The XRP token is currently trading at $2.21, showing minimal movement with just a 0.4% gain over the past 24 hours. Despite this flat performance, market sentiment appears overwhelmingly positive, with data from Coinglass revealing that 71% of traders on Binance have opened long positions on the digital asset, compared to only 28% holding short positions.
This bullish sentiment comes as XRP’s open interest has surged to $3.75 billion, indicating growing market participation. However, this high leverage also introduces increased liquidation risk for traders, as evidenced by a recent 1000% liquidation imbalance when the price dipped to $2.13.
The price has been fluctuating within a narrow range between $2.19 and $2.25 since the beginning of the month. While movement has been limited, technical analysts point to a symmetrical triangle pattern forming on the four-hour chart, which could signal a bullish continuation pattern.
The price is currently testing the upper trendline of this pattern at around $2.24, which has acted as resistance multiple times. A decisive close above this level could pave the way for XRP to target the $2.30 resistance zone.
Eric Trump’s SWIFT Comments Spark Speculation
One of the key factors influencing the current bullish sentiment is recent comments from Eric Trump at the Token2049 event. The former president’s son stated that crypto will eventually replace SWIFT, describing the traditional cross-border payment system as “absolutely broken” and inadequate.
These remarks have reignited speculation that Ripple’s blockchain network could potentially replace or significantly upgrade the SWIFT system for international transfers. This isn’t an entirely new concept, as Ripple CEO Brad Garlinghouse made similar suggestions earlier this year about how cryptocurrency could modernize the SWIFT infrastructure.
SWIFT currently processes approximately $5 trillion in transactions daily, which amounts to roughly $1.25 quadrillion annually. If Ripple were to capture even a fraction of this market share, it could potentially drive significant value to the XRP token.
The possibility of such adoption represents a major bullish case for XRP holders, particularly as the asset has already shown strength in recent weeks following years of regulatory uncertainty.
For XRP to break above the triangle pattern and confirm a bullish continuation, technical indicators suggest the Relative Strength Index (RSI) needs to climb above 50. Currently, the RSI reading of 46 indicates that bearish momentum still has a slight edge in the market.
If XRP can successfully break above $2.30, technical analysis suggests a potential 11% rally toward the $2.50 level. However, a drop below the $2.15 support could invalidate the bullish outlook and potentially trigger a cascade of liquidations, pushing the price below $2.00.
On the hourly chart, XRP has broken above a bearish trend line with resistance near $2.2350. The price remains below the 100-hourly Simple Moving Average, which continues to act as resistance alongside the $2.25 level.
The MACD indicator is gaining momentum in the bullish zone, while the hourly RSI has climbed above the 50 level, suggesting growing bullish pressure in the shorter timeframe.
Major support levels to watch include $2.20 and $2.12, while resistance lies at $2.25 and $2.30. A clear move above $2.35 could potentially send the price toward $2.42 or even $2.50 in the near term.
For now, XRP traders remain optimistic as they await a potential breakout from the current consolidation pattern, with most positioning themselves for an upward move based on both technical patterns and fundamental developments.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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