- XRP is gaining momentum as Ripple’s SWIFT integration fuels optimism for a bullish breakout.
- Analysts note XRP testing key support between $2 and $1.70 for trend retention.
- Breaking above $3.30 could open the path toward $5 and even $10 potential targets.
XRP is gaining momentum, signaling a potential breakthrough in the crypto market. The action by Ripple to join the SWIFT network through the GTreasury is creating buzz. The coin has value in an old downtrend and is challenging key support, suggesting potential massive gains.
At press time, XRP is trading at $2.36, with a 24-hour trading volume of $4.37 billion and a market capitalization of $142.23 billion. The coin has seen a 1.52% increase over the last 24 hours, reflecting renewed interest from the market.
XRP Gains From Ripple Expansion
Renowned crypto analyst CryptoSensei pointed to the big move by Ripple towards integrating its system with the SWIFT network following its strategic takeover of GTreasury.
This is an action that could see XRP become one of the determinants of the future-looking new-world financial system and potentially increase its involvement in cross-border transactions.
XRP Testing Support For Bullish Run
However, analyst Crypto Patel noted that XRP is “on the edge of something big.” XRP has just escaped the downtrend of the past few years and is now back and testing the gigantic support zone between $2 and $1.70. Retaining this level is imperative to maintain the bullish trend.
If XRP manages to break through $3.30, the way to $5 and also $10 would be unveiled, indicating an immense northbound direction for the asset. Investors on the market are following these imminent levels keenly, and they will potentially ascertain XRP’s next shuddering move.
As Ripple continues to expand its network connections and XRP demonstrates technical strength, the cryptocurrency is increasingly attracting attention as a potential leader in the evolving digital finance landscape.
Also Read | Ripple Leads $1 Billion SPAC to Expand XRP Treasury: Report
XRP Faces Strong Pullback Near Key Support
XRP has fallen by 6.99% this week, the MA Ribbon has resistance around $2.75 and $2.45, and the support is around $1.50 and $1.00. The RSI is at 44.46 and is falling below the zero-level neutral mark of 57.47 to indicate diminishing buying pressure and progression towards a bearish signal.
Viewing the MACD, the blue line is at 0.11255 and the signal line at 0.19538, and has entered a long signal with a negative crossover and histogram of -0.08284. That pattern reinforces increasing selling pressure and potential short-term losses.
Also Read | Hedera Hashgraph (HBAR) Gears Up for Potential Surge Toward the $0.30 Mark
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