- An analyst highlights XRP’s strong breakout potential, attracting renewed interest in the Ripple token.
- Growing derivative volume and SWIFT-R3 collaboration indicate a promising future for XRP’s role in finance.
Captain Faibik, a popular analyst, has identified Ripple’s coin, XRP, as having great breakout potential. In his tweet, he published a chart indicating that XRP is poised for a major price increase after breaking out of the top border of a Symmetrical Triangle pattern on the weekly period. He indicated a midterm target of $2.3 for XRP, which is higher than the triangle pattern’s current high point.
Seems like $XRP finally is heating up for Massive Breakout 🔥
Midterm target : 2.30$#Crypto #XRP #XRPHolders pic.twitter.com/6xMVjw0dGq
— Captain Faibik 🐺 (@CryptoFaibik) September 28, 2024
At the time of writing, XRP is trading around $0.625, representing a 6.32% increase over the last 24 hours. This increase is especially significant because it occurred at a time when major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) were experiencing slight corrections following previous rallies.
The upward rise of XRP in such a circumstance indicates a fresh and strong interest in Ripple’s token, implying that market participants see potential value and growth in XRP.
Growing Trader Confidence and Surging Derivative Volume Signal XRP Potential
Meanwhile, CoinGlass data shows that XRP’s 24-hour Long/Short ratio is 1.0333. This number reflects a modest positive mood among traders, since there are slightly more long holdings than short positions. This demonstrates rising confidence in XRP’s upward trend, meaning that more traders are betting on a sustained price increase.
Furthermore, the volume of XRP derivatives has increased by a remarkable 297.45% to $3.88 billion. This surge in derivative trading volume indicates increased trading activity and interest in XRP, implying that more investors are aiming to profit from anticipated price changes.
On the other hand, CNF previously revealed a strategic partnership between SWIFT and R3. This alliance aims to integrate SWIFT’s Global Payments Innovation (GPI) into the Corda R3 platform, with XRP serving as a liquidity bridge.
