XRP Price Eyes Gains as 71% of Binance Traders Go Long

XRP value today trades at $2.21 with a slight 0.4% gain in 24 hours. Despite remaining flat, traders on the largest crypto exchange, Binance, continue to place bets that it will extend its gains and possibly break out past the key resistance level of $2.30.

XRP price is slowly starting this month as it fluctuates within a narrow range of between $2.19 and $2.25. However, this sluggish performance has not deterred the majority of traders on Binance from opening long positions as they become optimistic that this altcoin may rally higher after Eric Trump fuelled the rumour that Ripple could replace SWIFT.

XRP Price Eyes Gains as 71% of Binance Traders Go Long

XRP value today trades at $2.21 with a slight 0.4% gain in 24 hours. Despite remaining flat, traders on the largest crypto exchange, Binance, continue to place bets that it will extend its gains and possibly breakout past the key resistance level of $2.30.

According to data from Coinglass, 71% of traders on Binance have opened long positions on Ripple while only 28% are short sellers. This discrepancy highlights a bullish sentiment towards XRP, as most traders expect the price to go on an upward trend.

This bullish positioning follows a surge in Ripple’s open interest to $3.75 billion. While this may highlight a positive sentiment towards XRP, traders should also be cautious of the liquidation risk that comes with high leverage. As Coingape reported, XRP saw 1000% liquidation imbalance recently after a dip to $2.13 caused the closure of a large number of long positions and triggered sell-side pressure.

Eric Trump Fuels Ripple-SWIFT Rumour Causing Bullish Bias

While speaking at the Token2049 event, Donald Trump’s son, Eric Trump, noted that crypto will replace SWIFT. He added that the traditional financial system, which is largely used for cross-border payments, is “absolutely broken” and inadequate.

His statement comes as speculation runs rife that the Ripple blockchain may replace the SWIFT network, in a move that could bode well for the XRP price. Such a move could trigger a parabolic rally, considering that SWIFT processes $5 trillion daily, equivalent to $1.25 quadrillion annually.

Trump’s recent remarks echo what Ripple CEO Brad Garlinghouse earlier this year about crypto modernising the SWIFT system. If Ripple captures SWIFT’s market share, it could bolster an XRP price rally that could see this altcoin dominate the crypto market.

XRP Price Forecast as Bullish Triangle Pattern Emerges

The four-hour XRP price chart shows a bullish prediction as the altcoin teases a breakout from a symmetrical triangle pattern, which would mark a bullish continuation. The breakout has been rejected severally at the $2.24 resistance level, but if Ripple can make a decisive close above it and clear the $2.30 hurdle, it will ignite an 11% rally to $2.50.

However, the RSI shows a breakout is not likely to happen soon, with the reading of 46 indicating that a bearish momentum is in play. For Ripple to overcome resistance at the upper trendline of this triangle pattern, ithe RSI needs to cross above 50 to confirm a bullish trend.

The bullish thesis highlighted in this four-hour chart will be invalid if the XRP price plunges and loses support at $2.15. Doing so will mark a bearish breakout from the triangle pattern and spark a steep downtrend for this altcoin below $2, at which point the cascade of long liquidations will spark an even steeper downtrend.

Frequently Asked Questions (FAQs)

1. Is XRP price poised to rally as 71% of traders open long positions?

XRP price has been slowly beginning this month as it fluctuates inside a close range of between $2.19 and $2.25. Nonetheless, this sluggish performance has not deterred the majority of traders on Binance from opening long positions as they become optimistic that this altcoin may rally higher after Eric Trump fuelled the rumour that Ripple could replace SWIFT.

According to data by Coinglass, 71% of traders on the largest crypto exchange, Binance, have opened long positions on the cryptocurrency while only 28% are short sellers. This discrepancy highlights a bullish sentiment towards XRP, with most traders expecting the price to go on an upward trend.

This bullish positioning comes after a surge in Ripple’s open interest to $3.75 billion. While this may highlight a positive sentiment towards XRP, traders should also be cautious of the liquidation risk that comes with high leverage. As we reported earlier today, XRP saw 1000% liquidation imbalance recently after a dip to $2.13 caused the closure of a large number of long positions and triggered sell-side pressure.

2. Will Ripple replace SWIFT in cross-border payments?

During the Token2049 event, Donald Trump’s son, Eric Trump, said that cryptocurrency will replace SWIFT and the traditional financial system, which is largely used for cross-border payments, is “absolutely broken” and inadequate