- 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.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.