XRP (XRP) Price: Could Ripple Replace SWIFT? Eric Trump’s Comments Shake the Market
TLDR
71% of Binance traders are bullish on XRP, opening long positions
Eric Trump suggested crypto could replace SWIFT, fueling Ripple-SWIFT replacement rumors
XRP is trading around $2.21, showing slight gains of 0.4% in 24 hours
Technical analysis shows a potential breakout from a symmetrical triangle pattern
XRP price faces resistance at $2.25 and the 100-hourly Simple Moving Average
XRP, the cryptocurrency associated with Ripple Labs, is currently trading in a narrow range between $2.19 and $2.25, but market sentiment remains overwhelmingly positive. This optimism stems from recent comments by Eric Trump and technical indicators suggesting a potential breakout.
According to data from Coinglass, 71% of traders on Binance, the world’s largest cryptocurrency exchange, have opened long positions on XRP. Only 28% are taking short positions, highlighting strong bullish sentiment among traders.
Source: Binance
The current price of XRP stands at approximately $2.21, representing a modest gain of 0.4% over the past 24 hours. While this performance might seem lackluster, the underlying market dynamics tell a more compelling story.
Eric Trump, son of former president Donald Trump, recently made comments at the Token2049 event that have excited the XRP community. He stated that cryptocurrency will replace SWIFT, describing the traditional cross-border payment system as “absolutely broken” and inadequate.
These remarks have intensified speculation that Ripple’s blockchain technology could potentially replace the SWIFT network. Such a development would be monumental, considering SWIFT processes approximately $5 trillion daily, equivalent to $1.25 quadrillion annually.
Technical Analysis Points to Potential Breakout
The four-hour chart for XRP reveals a symmetrical triangle pattern, typically seen as a bullish continuation indicator. However, the breakout has faced rejection several times at the $2.24 resistance level.
If XRP can make a decisive move above this level and clear the $2.30 hurdle, analysts suggest it could trigger an 11% rally, potentially pushing the price to $2.50 in the short term.
Source: TradingView
The Relative Strength Index (RSI) currently stands at 46, indicating some bearish momentum is still in play. For XRP to overcome resistance at the upper trendline of the triangle pattern, the RSI would need to cross above 50 to confirm a bullish trend.
There was also a break above a bearish trend line with resistance near $2.2350 on the hourly chart. This development has further strengthened the case for a potential upward movement.
On the downside, if XRP fails to maintain its current support levels and drops below $2.15, it could trigger a bearish breakout from the triangle pattern. This scenario might lead to a steep downtrend, potentially pushing the price below the psychological $2 mark.
The hourly MACD (Moving Average Convergence Divergence) indicator is gaining pace in the bullish zone, while the hourly RSI is now above the 50 level. These technical indicators provide additional support for the bullish case.
Major support levels to watch include $2.20 and $2.12, while key resistance levels are at $2.25 and $2.30. A clear move above $2.35 might send the price toward $2.42 or even $2.50 in the near term.
Ripple’s open interest has surged to $3.75 billion, further indicating positive sentiment. However, traders should be cautious of liquidation risks that come with high leverage. Recently, XRP experienced a 1000% liquidation imbalance after a dip to $2.13, which caused the closure of many long positions and triggered sell-side pressure.
The latest technical data shows XRP is trading below $2.25 and the 100-hourly Simple Moving Average. For the price to continue its upward trajectory, it must overcome these immediate hurdles.
Eric Trump’s comments align with statements made earlier this year by Ripple CEO Brad Garlinghouse about cryptocurrency modernizing the SWIFT system. If Ripple captures even a portion of SWIFT’s market share, it could potentially fuel a significant XRP price rally.
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Filed under: News - @ May 2, 2025 8:25 am