XRP is trading at $2.30 after its previous hike. The bulls failed to sustain the uptrend, resulting in a slight price decline.
A close at the current value will see the coin end the day with no significant price change. It continues the previous day’s trend, which ended in the same manner.
However, the asset is seeing positive fundamentals that may alter its ongoing trajectory. Brad Garlinghouse made a statement at the APEX event in Singapore, hinting at further integrations and their potential impact on the blockchain.
He stated that the XRP will capture 14% of SWIFT volume in “just five years.” His comments suggest that the project has sealed its collaboration with the Society for Worldwide Interbank Financial Telecommunication (SWIFT). However, there is no formal record of either entity agreeing to such terms as of the time of writing.
Nonetheless, it is worth noting that an integration will enable the blockchain to gain more real-world utility. It will boost volume and price as the asset sees massive surges.
The XRP community is eagerly anticipating an official acknowledgment from SWIFT but continues to ride on the wave of the CEO’s statement.
Bloomberg hinted at the approval of an XRP ETF soon. It gave the nod an 85% chance of happening. As seen with the recent endorsement, the coin is expected to experience notable buying pressure as the day draws closer.
Away from fundamentals, an X user shares reasons he believes are shaping up for another massive surge. In a video he shared on the platform, he highlighted how the ongoing trend mirrors past price trends. Based on the chart he presented, the altcoin is due for a massive breakout.
XRP Remains Stagnant
The one-day chart shows that the altcoin has yet to respond to the latest fundamentals. The 2-hour chart reveals it slipped lower following and may retrace further. MACD displayed a bearish divergence as the average directional index started its downtrend.
The 3% increase in trading volume coincides with readings from the 2-hour chart, suggesting that the coin is experiencing a spike in selling pressure at the time of writing.
Nonetheless, indicators on the 1-day chart remain positive amid the short-term decline. The 50-day moving average continues upward as the 200-day moving average follows. XRP retested the longer-term MA a few hours ago and rebounded, suggesting a possible recovery.
The moving average convergence divergence prints buy signals as the 12 EMA and 26 EMA maintain their upward trajectory.
Conversely, RSI dips lower as selling pressure increases. It dropped 2 points in the last 48 hours. The average directional index began its downtrend on Saturday and continues downward as bearish dominance reaches new levels.
XRP failed to surge past the 38% Fibonacci retracement level for more than seven days now. Previous price movement failure to break this mark will result in further price decline. The altcoin may retest its 50% fib level in the coming days, guaranteeing a slip below $2.
Nonetheless, there is a notable demand concentration at $2.10. The bulls may defend this level as they did over the last fourteen days. Conversely, further upside movement will see the asset retest $2.40.
