XRP/USD sits comfortably at $0.53: SWIFT denies Ripple’s integration rumors
|- SWIFT denies rumors of RippleNet and xRapid solutions integration in the soon to launch SWIFT GPI platform.
- Ripple is expected to correct above $0.80 with the end year target falling above $1.00.
The bull among the bears, Ripple (XRP) has found new momentum. The asset has added over 20% in the last one week while the bullish move since Sunday has seen it trade slightly above $0.55. There is a change in the sentiments towards Ripple as the company is rumored to be preparing an integration with SWIFT. This news has pushed XRP/USD a notch higher redefining the trend. Moreover, Ripple briefly zoomed past Ethereum in terms of market capitalization. At the moment, Ripple’s market cap currently stands at $21.5 billion while Ethereum is recording a $22.7 billion.
SWIFT has come out to discredit the rumors of the integration, however, XRP/USD has ignored the news staying above $0.5. The rumors emerged during the Sibos Conference attended by Ripple last month. On the contrary, Ripple continues to shake the ground in SWITF market share. The network is expanding its cross-border payment solutions to other parts of the world with the latest destination being the Middle East starting with the modern city, Dubai.
SWIFT partners are supposed to migrate to a new platform referred to as SWIFT GPI. This platform has been said to include integrations of both xRapid and RippleNet solutions. The impending upgrade is supposed to allow banks to access instant transactions using the SWIFT network. For now, it is a wait and see situation.
Ripple price technical picture
A look at the chart of XRP/USD shows that Ripple is on an upward trend that began following a couple of weeks of low trading activity and stability. Investors are expecting Ripple to continue with the trend and clock $0.80 in the medium-term while the ultimate target for the end of year being $1.00.
At press time, Ripple is trading at $0.53 with the immediate resistance being at $0.56. At the same time, the most important support is highlighted at $0.4. The continued change in sentiments could lead to an upswing above $0.55 and $0.60 in the short-term. There is a trendline support around $0.53. The moving averages below the price but the MACD is heading south to show that the bears are not in slumber. However, the RSI is revamping the trend above the 50 mark signal a bullish move towards $0.55 as buyers continue to take their positions.
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