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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.
- Ripple's one-day price chart shows it is teasing a bullish breakout, which may precede a rally to record highs.
XRP price is at a pivotal point as the Ripple community eagerly awaits the integration of the SWIFT payments network. Speculation is rife that SWIFT will integrate the Ripple network this week, and if this happens, how high will this top altcoin rally? Let’s find out.
XRP Price in Focus Amid Potential SWIFT Partnership
Speculation is rife across the crypto industry that the SWIFT global payments network could tap Ripple’s blockchain technology. Per market analyst John Squire, SWIFT will announce this deal within the next seven days. He opined,
“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.”
If Ripple partners with SWIFT for cross-border payments, the blockchain will be accessed by the top global financial institutions globally. 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 $1.78. Ripple is currently attempting to flip resistance at the upper trendline of a descending parallel channel. 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 has 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 shows that the buying pressure is still weak. Unless buyers start accumulating Ripple aggressively, the lack of buying momentum may stall the rally and prevent an upswing to all-time high prices above $3.
Considering the speculation around a partnership deal between Ripple and SWIFT, there might be a surge in buying activity in the near term. Therefore, it is likely that the XRP price will continue with its uptrend and reach $3 before the end of the month. Some analysts are also optimistic that Ripple will reach $45 if it follows past price actions.
Frequently Asked Questions (FAQs)
1. How high can the XRP price go if SWIFT integrates with Ripple?
2. Will Ripple resume a strong uptrend?
3. What is the most crucial resistance level for XRP price?
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