XRP price has climbed about 1.6% after SWIFT announced a blockchain payments pilot involving 17 banks, including several with Ripple ties.
Summary
- XRP gained around 1.6% after SWIFT launched a blockchain payments pilot involving Ripple-linked banks.
- Spot XRP ETFs recorded $7.29 million in outflows, the largest daily withdrawal since March 2026.
- Technical indicators and derivatives data suggest sellers still hold the upper hand despite the rebound.
According to SWIFT, the pilot will evaluate whether distributed ledger technology can support international payments across participating financial institutions. Among the banks involved are Standard Chartered and UBS, both of which have existing business ties with Ripple through crypto custody services or cross-border payment infrastructure built on the XRP Ledger.
The announcement follows Ripple Treasury’s entry into the SWIFT Certified Partner Program in April 2026, a step that strengthened the company’s relationship with the global payments network. Even so, the announcement has also sparked debate over whether the project has any direct implications for XRP itself.
An analyst on X argued that the pilot should not automatically be viewed as bullish for the token because SWIFT’s proposed settlement model relies on tokenized bank deposits rather than XRP. The analyst stated that the blockchain network would use tokenized deposits as the bridge asset instead of a layer-1 gas token, suggesting the initiative does not create direct demand for XRP.
Despite those reservations, XRP (XRP) traded around $1.09 at the time of writing, posting modest daily gains as traders reacted to the banking partnership news.
Institutional demand has weakened despite the price bounce
At the same time, institutional positioning has moved in the opposite direction. Data from SoSoValue shows that spot XRP exchange-traded funds recorded $7.29 million in net outflows on July 8, the largest single-day withdrawal since March 2026.
The outflows indicate that institutional investors have reduced exposure even as XRP attempts to stabilize above the $1 level. If buying interest continues to soften, the psychological $1 support could come back into focus during the next leg lower.
Derivatives markets also paint a cautious picture. CoinGlass data shows XRP’s long-to-short ratio has slipped to 0.96, meaning bearish positions now slightly outnumber bullish bets. Open interest has also fallen from $2.58 billion on July 5 to $2.33 billion on July 9, suggesting speculative traders have been closing positions instead of opening new ones.
Technical indicators continue to favor sellers
Price action on XRP’s charts remains mixed despite the latest recovery. On the 4-hour chart, XRP is trading below the Supertrend indicator while repeatedly failing to reclaim a descending trendline. The token is also struggling near the 78.6% Fibonacci retracement level around $1.094, which has become immediate resistance after the recent selloff.
Additional resistance levels sit near the 61.8% and 50% Fibonacci retracement zones at roughly $1.114 and $1.127. A sustained move above those levels would be needed to weaken the current bearish structure.
The daily chart also suggests buyers have yet to regain control. Although the MACD remains above its signal line, the histogram has started to fade, indicating bullish momentum is slowing. At the same time, the Chaikin Money Flow has turned only slightly positive, pointing to limited capital inflows rather than strong accumulation.
Taken together, the technical setup aligns with the latest derivatives and ETF data. While the SWIFT announcement has helped lift sentiment in the short term, XRP still faces resistance from weakening speculative demand, institutional outflows, and a chart structure that continues to favor sellers unless key resistance levels are reclaimed.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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