XRP Awaits CME Futures Launch as Price Stays Flat
XRP’s price is staying steady as traders wait for a big event. The Chicago Mercantile exchange (CME) plans to start trading XRP futures on May 19. This could be a game-changer for the cryptocurrency.
For the past week, XRP has been stuck between $2.32 and $2.62. It’s now at $2.37, up just a little. Despite the flat price, trading activity has spiked. The 24-hour volume jumped 46.8% to $3.2 billion. This shows traders are getting more interested.
However, open interest is down slightly. But derivatives volume is up 48%. This suggests traders are making short-term bets, possibly in anticipation of the CME launch.
CME, the world’s biggest derivatives market, is expanding into crypto. After launching Solana futures in March, it’s now adding XRP. This could attract more institutional investors.
Technically, XRP is in a consolidation phase. Key indicators show a neutral trend. Support is near $2.30, while resistance is around $2.60. A breakout could push prices higher.
Traders are watching closely. The CME launch could bring the volatility XRP needs to break out of its current range.
