- XRP has smashed resistance, outpacing Bitcoin and Ethereum.
- SWIFT has backed XRP, challenging traditional banking.
- Ripple’s CTO has ignited debate on XRP Ledger’s future.
In a market clouded by regulatory uncertainty, XRP is charging ahead with a rally that’s turning heads. Ripple’s native token has smashed through a crucial resistance level, shrugging off ongoing SEC drama and sparking renewed optimism among traders. XRP’s recent breakout is setting the stage for what could be a defining moment in the cryptocurrency landscape.
While giants like Bitcoin and Ethereum falter, XRP is blazing its own trail. After breaking past the $0.605 resistance, the token surged 6%, outperforming Bitcoin by an impressive 30% over the last 90 days. Trading volume skyrocketed 70% in just 24 hours, hitting $2.24 billion—a clear signal that investors are piling in despite the regulatory storm hanging over Ripple.
SWIFT Endorsement Gives XRP a Major Boost
The SEC case looms large, with whispers of an impending appeal fueling market uncertainty. Yet, the token defies the odds, riding a wave of bullish sentiment as it decouples from broader market trends. Fueling the rally is XRP’s growing recognition on the global financial stage.
Sponsored
XRP’s recent surge has been fueled by rumors circulating on Twitter about its potential partnership with SWIFT, the global interbank messaging network. While there’s plenty of chatter online, neither SWIFT nor Ripple has provided any official confirmation.
The only potential link stems from an older presentation by SBI Group in 2019, highlighting Ripple’s possible integration with SWIFT. Additionally, the specific image making the rounds on social media can be found in a SWIFT presentation from the same year.
Though the rumor remains unverified, the speculation has stoked investor excitement, pushing the token further into the spotlight. If proven true, XRP’s role in streamlining cross-border payments could make it a game-changer, but until then, the crypto community should tread carefully.
Ripple CTO Shakes Up Debate on XRP Ledger Gas Token
On-chain data shows mixed signals, with the long/short ratio dipping, hinting at some hesitation among traders. Skepticism around the SEC’s case could be to blame, but there’s a silver lining—XRP holders are holding firm. Exchange outflows have dropped since late September, signaling confidence in the token’s long-term potential as supply dwindles.
Amid XRP’s rally, Ripple’s Chief Technology Officer, David Schwartz, has stirred up debate within the community. Schwartz has criticized a proposal to introduce a gas token for the XRP Ledger (XRPL), which is intended to add programmability to the network. He’s called the idea overly complex and lacking in real benefits, sparking a lively discussion on XRPL’s future direction.
On the Flipside
- Regulatory uncertainties around the SEC case still pose significant risks for XRP’s long-term adoption.
- SWIFT’s acknowledgment of XRP doesn’t guarantee its full adoption, as SWIFT is also exploring other blockchain networks.
- Mixed on-chain signals show not all traders are convinced of XRP’s current rally, suggesting market uncertainty.
Why This Matters
XRP’s recent surge, fueled by SWIFT’s recognition, highlights its potential to disrupt traditional finance and decouple from broader market trends. This marks a crucial moment for investors to engage with an asset gaining institutional backing despite regulatory challenges, signaling a unique opportunity in the volatile crypto landscape.
To learn more about Ripple’s new stablecoin, RLUSD, and its recent mint of 300,000 tokens, read here:
Ripple Mints 300K RLUSD Tokens as Major Launch Looms
Curious about the potential impact of the SEC’s appeal on the XRP ruling and the crypto industry as a whole? Read more here:
How Ripple Could Lose Against an SEC Appeal on XRP Ruling
