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Straight Up XRP: A Coin on a Collision Course with SWIFT?
XRP's (XRP) Value Could Possibly Surge to $2.50 Based on Technicals
XRP's ticker is currently flashing $2.21, marking a 0.4% uptick in the past 24 hours. Despite this minor blip, the crypto coin is basking in a sea of optimism, with 71% of Binance traders locking in long positions - double the number on the short side.
The XRP market isn't just brimming with bullish vibes; it's downright bursting. Open interest has skyrocketed to a hefty $3.75 billion, indicating a surge in market activity. However, that amplified interest also means that a dip in the price, like the recent plunge to $2.13, could trigger some "Mariana Trench" level liquidation imbalances for traders.
Riding the Wave: XRP's Symmetrical Triangle
XRP's price movements have been like a game of hide-and-seek within a tight range of $2.19 and $2.25 since the start of the month. Technical analysts have caught on to the pattern and have pinned the formation of a symmetrical triangle on the four-hour chart. A breakout from this pattern, if it happens, could send XRP on a tour of $2.50.
The coin is currently testing the upper trendline of the triangle, a level it's previously bounced off at multiple times. A decisive close above this resistance at roughly $2.24 could kickstart a chain reaction, propelling XRP towards the $2.30 resistance zone.
Eric Trump's SWIFT Storm
Eric Trump, former president's son, caused a storm at the Token2049 event when he declared that crypto would eventually replace SWIFT. The traditional cross-border payment system, according to Trump, is as outdated as a floppy disk these days.
Positive sentiments towards Ripple and XRP are not new, but they found a fresh breath with Eric Trump's revelations. These statements have only ensured that the buzz around Ripple challenging or upgrading the SWIFT system for international transactions still has some serious wind in its sails.
SWIFT processes almost $5 trillion in transactions daily, amounting to an impressive $1.25 quadrillion yearly. If Ripple managed to lasso even a shred of this market share, the XRP token could potentially gallop its way to some significant value gains.
XRP: A Steed for the Crypto Cowboys?
The possibility of replacing SWIFT looms over XRP like a storm cloud on the horizon. If XRP can break through the triangle and confirm a bullish continuation, the ball would be set rolling. Technical indicators suggest that the coin needs to shed some excess bearish momentum, as indicated by its Relative Strength Index (RSI) reading of 46. A climb above 50 is the ticket to a bull run.
With Eric Trump's words of encouragement, a successful break above $2.30 could instigate a 11% charge towards $2.50. However, a fall below the $2.15 support could throw a spanner in the works, triggering a series of liquidations and potentially pushing the price below the $2.00 mark.
Ticking Time Bomb: XRP's Hourly Chart
On the hourly chart, XRP has breached a bearish trend line with resistance near $2.2350. Despite this breakout, the price is still tethered below the 100-hourly Simple Moving Average. The MACD indicator is revving up in the bullish zone, while the hourly RSI has zoomed above the 50 level, signaling a buildup of bullish pressure.
Key supports to keep an eye on include $2.20 and $2.12, while resistance lurks at $2.25 and $2.30. If XRP pulls off a dizzying dance above $2.35, the race could be on to hit $2.42 or maybe even $2.50 in record time.
For now, XRP traders are in a nerve-wracking waiting game, eagerly awaiting the moment XRP springs free from its consolidation pattern and embarks on a wild ride. The stage is set, and the anticipation is sky-high. Will XRP slay the SWIFT dragon? Only time will tell.
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Sources:1. Investopedia2. CoinMarketCap3. CryptoSlate4. Yahoo Finance5. Forbes
- The bullish sentiments in the XRP market are increasing, with 71% of Binance traders holding long positions and open interest reaching $3.75 billion.
- Despite a minor uptick in the past 24 hours, XRP's price is currently testing the upper trendline of a symmetrical triangle formation on the four-hour chart.
- If Eric Trump's assertion that cryptocurrency will replace SWIFT is accurate, and XRP can confirm a bullish continuation by breaking through the triangle and closing above $2.24, the coin could potentially gain significant value.
- On the hourly chart, XRP has breached a bearish trend line with resistance near $2.2350, indicating a potential bullish move. However, the price is still below the 100-hourly Simple Moving Average, suggesting a cautious approach is warranted.