XRP price is garnering bullish momentum as optimism builds around Ripple potentially replacing the SWIFT system. This excitement has triggered a strong reaction from traders, with a staggering 71% of Binance users opening long positions on the token.
Currently trading around $2.21, XRP is showing signs of strength amid a mostly neutral market. Its slight 0.4% daily gain hasn’t dissuaded traders, who anticipate a potential breakout above key resistance levels. The growing sentiment was especially fueled after Eric Trump, speaking at the Token2049 event, hinted that cryptocurrencies like Ripple might eventually supplant SWIFT in the global cross-border payments network.
XRP Gains Traction on Binance as Bulls Take Over
According to Coinglass, 71% of Binance traders are betting on XRP’s upward trajectory, while only 28% are short sellers. This imbalance reinforces the prevailing bullish climate among investors, who are drawn by both market data and speculative news pushing Ripple into the spotlight.
A notable factor is the surge in open interest, reaching $3.75 billion, a clear sign that market participants are increasing leverage with expectations of a rally. However, while optimism continues, traders are advised to stay cautious due to the risk of liquidations — especially reminiscent of a recent 1000% liquidation imbalance witnessed after the price dropped to $2.13, triggering a wave of forced closures.
Eric Trump Statement Ignites Ripple Speculation
Eric Trump’s declaration that the current financial infrastructure, specifically SWIFT, is “absolutely broken” added fuel to speculation that Ripple could eventually step in to fill that void. His comments align with earlier statements by Ripple CEO Brad Garlinghouse, who has advocated for using blockchain to modernize and potentially absorb the vast $1.25 quadrillion processed annually by SWIFT.
While Ripple hasn’t officially claimed it will replace SWIFT, industry chatter and stakeholder statements suggest growing confidence in Ripple’s capability to take a significant share of the global remittance market. If this transition does occur, it could dramatically shift market dynamics and drive XRP well beyond current levels.
This aligns with a view shared in this recent outlook, where Ripple’s potential role in transforming traditional finance could supercharge XRP’s valuation.
Technical Indicators Signal Potential Breakout
From a technical perspective, XRP’s four-hour price chart shows signs it may soon break free of a symmetrical triangle formation. Traders are keeping an eye on resistance at $2.24 and $2.30. If successfully breached, this pattern could validate an 11% rally pushing XRP to $2.50.
However, Relative Strength Index (RSI) readings paint a more cautious picture. With the RSI hovering around 46, bearish pressure appears to stall any immediate breakout. A move above 50 on the RSI will be needed to confirm bullish momentum and sustain upward movement.
Failure to hold the $2.15 support level could lead to XRP falling beneath $2, with increased liquidation pressure creating a cascading downturn. Traders watching the symmetrical triangle should be wary of downside risks that may invalidate the bullish setup.
Is a Rally to $2.50 Imminent?
With 71% of open positions leaning long, trader confidence in a short-term XRP rally is evident. The immediate goal is to clear resistance hurdles and confirm a bullish continuation pattern. If achieved, XRP could climb towards its projected $2.50 target.
The price movement, fueled by Eric Trump’s speculative comments and ongoing technical patterns, remains a focal point for investors betting on Ripple’s influence in cross-border payments. As the narrative around Ripple replacing SWIFT continues to circulate, XRP could see upward volatility in the near term.
Still, caution is warranted. While optimism may carry XRP higher short-term, global market developments, coupled with over-leveraged positions, could inject volatility into its trajectory.
