XRP news today: XRP Gains 0.4% as Bullish Sentiment Surges on SWIFT Replacement Speculation

XRP, the native token of the Ripple network, is currently trading at $2.21, with a modest 0.4% gain over the past 24 hours. Despite this slight movement, the market sentiment surrounding XRP is overwhelmingly positive. Data from Coinglass indicates that 71% of traders on Binance have opened long positions on the digital asset, while only 28% are holding short positions. This bullish sentiment is further supported by the surge in XRP’s open interest, which has reached $3.75 billion, signaling increased market participation. However, this high leverage also introduces a higher risk of liquidations for traders, as seen in a recent event where the price dipped to $2.13, resulting in a 1000% liquidation imbalance.

The price of XRP has been fluctuating within a narrow range between $2.19 and $2.25 since the beginning of the month. Technical analysts have identified a symmetrical triangle pattern forming on the four-hour chart, which could indicate 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.

One of the key factors influencing the current bullish sentiment is recent comments from Eric Trump at the Token2049 event. The ’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. The bullish sentiment is further bolstered by the recent comments from Eric Trump, which have sparked speculation about the potential replacement of the SWIFT system by Ripple’s blockchain network. This, combined with the technical indicators suggesting a potential breakout to the $2.50 level, has created a favorable environment for XRP holders. However, traders should remain cautious of the high liquidation risk associated with the current market conditions.