Explore the $XRP price prediction, as 71% of Binance traders initiate long positions following Eric Trump's speculation regarding Ripple's potential to supplant SWIFT.
Despite a sluggish beginning this month, with prices oscillating between $2.19 and $2.25, the prevailing sentiment among Binance traders remains optimistic, anticipating a possible upward movement for this altcoin.
XRP Price Eyes Gains as 71% of Binance Traders Go Long
Currently, XRP is valued at $2.21, reflecting a modest increase of 0.4% over the past 24 hours.
Although the price remains stable, traders on Binance, the largest cryptocurrency exchange, are optimistic about its potential to surpass the significant resistance level of $2.30.
Data from Coinglass indicates that 71% of Binance traders have initiated long positions on Ripple, while only 28% are engaging in short selling.
This imbalance underscores a prevailing bullish sentiment towards XRP, with the majority of traders anticipating a price increase.
This optimistic stance comes after Ripple's open interest increased to $3.75 billion. Although this indicates a favorable sentiment towards XRP, traders must remain vigilant regarding the liquidation risks associated with high leverage.
XRP experienced a 1000% liquidation imbalance recently, following a decline to $2.13, which led to the closure of numerous long positions and initiated sell-side pressure.
Eric Trump Fuels Ripple-SWIFT Rumour Causing Bullish Bias
During his address at the Token2049 event, Eric Trump, the son of Donald Trump, remarked that cryptocurrency is poised to supplant the SWIFT system.
He further asserted that the conventional financial framework, primarily utilized for international transactions, is fundamentally flawed and insufficient.
His comments arise amidst widespread speculation that the Ripple blockchain could potentially take over the SWIFT network, a development that may positively influence the price of XRP.
Such a transition could initiate a significant price surge, given that SWIFT handles $5 trillion in transactions daily, amounting to $1.25 quadrillion annually.
Trump's recent statements resonate with earlier comments made by Ripple CEO Brad Garlinghouse regarding the modernization of the SWIFT system through cryptocurrency.
Should Ripple succeed in capturing a portion of SWIFT's market share, it could significantly enhance the prospects for an $XRP price increase, potentially allowing this altcoin to lead the cryptocurrency market.
XRP Price Forecast as Bullish Triangle Pattern Emerges
The four-hour XRP price chart indicates a positive outlook as the altcoin approaches a potential breakout from a symmetrical triangle formation, suggesting a continuation of bullish momentum.
The breakout has faced multiple rejections at the $2.24 resistance level; however, should Ripple achieve a decisive close above this level and surpass the $2.30 barrier, it could trigger an 11% increase to $2.50.
Nevertheless, the RSI suggests that a breakout may not occur in the near term, with a reading of 46 reflecting prevailing bearish momentum.
For Ripple to successfully breach the resistance at the upper trendline of this triangle pattern, the RSI must rise above 50 to validate a bullish trend.
The optimistic outlook presented in this four-hour chart will be rendered invalid if the price of XRP falls below the support level of $2.15.
Such a decline would signify a bearish breakout from the triangle pattern, initiating a significant downtrend for this altcoin below $2, which would trigger a wave of long liquidations, leading to an even sharper decline.
$XRP #MarketSentimentToday #Market_Update #CryptoNewss #Ripple