XRP price eyes a massive rally amid speculation that SWIFT will integrate with Ripple this week. If this happens, how high will the price go?
Highlights
XRP price may be on the verge of a massive rally amid speculation that SWIFT will integrate with Ripple in the coming days.
If this partnership deal is announced, the Ripple blockchain will be used by over 11,000 financial institutions globally for cross-border payments.
The one-day price chart for Ripple shows that it is teasing a bullish breakout, which could signal a rally to new all-time highs. Due to growing speculation that the SWIFT payments network will incorporate Ripple's blockchain, the price of XRP is poised for a rally. The speculative activity comes in the wake of a weekend of extreme volatility that saw Ripple reach a weekly high of $2.23. As the market sentiment towards XRP shifts, how high will it rally?
Price of XRP comes into focus amid a possible SWIFT partnership. Speculation is rife across the crypto industry that the SWIFT global payments network could tap Ripple’s blockchain technology. SWIFT will announce this deal within the next seven days, according to market analyst John Squire. He stated, “In recent weeks, several influential voices have pointed to a possible announcement from SWIFT. It could be the official confirmation that XRP—through Ripple—will become part of SWIFT’s global payment infrastructure, used by over 11,000 financial institutions worldwide.”
The top global financial institutions will be able to access the blockchain if Ripple collaborates with SWIFT to facilitate cross-border payments. Such a deal will bode well for the XRP price, making a $3 target likely.
Squire added that this would not be the first time that Ripple was working with SWIFT. He noted that in 2023, Ripple participated in interoperability pilot programs conducted by SWIFT to integrate blockchain in cross-border payments.
Hence, XRP price will rally to new highs past $3 in the near term if the deal with SWIFT materializes.
Ripple Technical Analysis as XRP Teases Bullish Breakout
XRP price is teasing a bullish breakout on its daily price chart after bouncing from the support level of $1.79. Ripple is currently attempting to flip resistance at a descending parallel channel's upper trendline. If it is successful and creates a higher low, it will reverse the current trend from a downtrend to an uptrend.
The next barrier that the XRP price faces is at the PoC line, where a lot of trading activity happened in the past. If it flips this resistance, the market structure will favor bulls, which will then trigger an upswing to $2.60.
However, the RSI demonstrates that there is still little buying pressure. The lack of buying momentum may halt the rally and prevent a rise to all-time high prices above $3 unless buyers begin aggressively accumulating Ripple. Given the rumors of a partnership between Ripple and SWIFT, there may be an increase in buying in the near future. Therefore, it is likely that the XRP price will continue with its uptrend and reach $3 before the end of the month. If Ripple's price behavior continues as it has in the past, some analysts are also hopeful that it will reach $45 at some point.
