XRP recently moved up after finding support below the $2 level. The price increase is linked to renewed speculation about a potential integration of XRP with SWIFT. SWIFT is the global system used for most cross-border payments. It handles trillions of dollars in transactions every day.

Rumors about a partnership between Ripple and SWIFT have circulated before. Ripple’s CEO has previously made comments suggesting the possibility of either an integration or a replacement. A former SWIFT employee also claimed that banks have tested XRP’s compatibility with the SWIFT network, Coinfomania reported.

XRP Price Gains Amid Ripple-SWIFT Rumors

The latest claim came today. Market analyst John Squire stated that a deal between Ripple and SWIFT will be announced within the next seven days. No official confirmation has been provided by either party so far.

If such a deal is announced, XRP’s blockchain technology may be used by leading global banks. This could lead to wider adoption of Ripple’s payment system. Following the recent speculation, some observers believe that XRP’s price could reach $3 if the announcement occurs.

XRPUSD Shows Uptrend with Trendline Support

The XRPUSD H1 chart reveals an uptrend, following a clear trendline. After encountering resistance at 2.24500, the price underwent a bearish correction. Currently, the cryptocurrency is hovering near the trendline’s support.

If a bullish reversal pattern forms, it could encourage buyers to go long, potentially pushing the price higher. However, a bearish breakout at the trendline could lead to a choppy price action, with a slow downward movement.

Ripple Expands Partnerships with Revolut, Zero Hash

Recently, Ripple has formed several new partnerships, enhancing its presence in the digital asset sector. The company has expanded its collaborations with Revolut and Zero Hash, aiming to compete with USDT and USDC. In Portugal, Ripple is working with Unicâmbio to enable instant payments between Portugal and Brazil using digital assets.

In South Korea, BDACS will utilize Ripple Custody to secure XRP and RLUSD. Looking forward, Ripple expects Japanese banks to adopt the XRP Ledger for cross-border payments by 2025. The company is also collaborating with Chainlink to integrate RLUSD into Ethereum-based platforms within the DeFi space.

This article was written by Tareq Sikder at www.financemagnates.com.TrendingRead More

You might also be interested in reading Bitcoin Spot ETF Approval Could Help Power up a New Crypto Cycle: Bernstein.