XRP Draws Significant Attention from Investors as Its Next Move is Keenly Anticipated

XRP has been drawing attention from investors recently, as the next move for the cryptocurrency is keenly anticipated. Currently trading at $2.21, XRP has shown a slight daily gain. But the real story lies in market sentiment, with a remarkable 71% of traders on Binance holding long positions on XRP, signaling strong confidence in its breakout potential.

This optimism follows comments made by Eric Trump at the Token2049 event, where he suggested that cryptocurrency could potentially replace the outdated SWIFT system. Many believe Ripple’s XRP could play a key role in such a transition.

While rumors of a Ripple-SWIFT partnership have circulated before, with Ripple’s CEO hinting at integration or replacement, there’s no official confirmation. Nonetheless, the market reacted positively to these speculations, fueling the bullish sentiment around XRP.

XRP Price Analysis

Crypto analyst CasiTrades has pointed out a critical back-test at the $2.25 price level for XRP. After failing to maintain a position above this level, she suggests that XRP is forming subwaves with the potential for a dip toward $2.00.

«After failing to hold the high, we're now testing the 2.25 range again. Looks like we're forming some subwaves with potential for a measured move towards 2.00. 1.90 is a key fib support and retracement level, so we might get a bounce from there in the event of further pullback.»

While a correction is possible, CasiTrades believes the RSI shows signs of exhaustion, suggesting that the dip could be brief.

«Maybe we'll get a brief pullback as the RSI is showing signs of exhaustion after such a large uptrend (300% in 3 months). But overall, I'm still optimistic that we'll break through the 2.25, setting the stage for a bullish move towards higher targets.»

Key Levels to Watch

XRP is at a critical juncture, with traders focusing on the key levels of $2.30 and $2.15. If XRP breaks above $2.30, it could trigger a significant rally, potentially pushing the price toward $2.50. However, a drop below $2.15 could lead to further corrections, with the $2.00 support level in play.

As XRP navigates these crucial levels, traders should stay vigilant for any signs of a breakout or a potential pullback.

FAQs

What’s causing XRP to rise?

XRP is rising due to bullish sentiment, with 71% of Binance traders holding long positions and renewed speculation around SWIFT integration.

Is there a partnership between Ripple and SWIFT?

No official partnership exists, but persistent rumors and past hints of integration or replacement from Ripple’s CEO keep speculation alive.