XRP Price Prediction: CME Launch Hype Fuels $2.74 Target
XRP holds at $2.19 as CME plans XRP futures for May 19. Analysts eye a 25% rally if $2.22 breaks, with bulls guarding key $2.17 support.
Quick overview
XRP is trading at $2.19 after being rejected at $2.30 earlier in the week. It dipped to $2.11 before bouncing, showing some strength as the broader crypto market cools.
Despite the caution, XRP still has a bullish setup that’s catching the eye of institutional traders.
Right now, XRP is above the 100-day EMA on the 8-hour chart at $2.15—a level that’s also the neckline of an inverse head and shoulders pattern. Holding this support could be the catalyst for a breakout. Short term resistance is at the 200 EMA which has risen to $2.22. A clean break above this could take XRP to $2.74—25% higher.
CME Futures Fuel Institutional Confidence
CME Group, the world’s largest derivatives exchange, announced they will be launching XRP futures on May 19 pending regulatory approval. The contracts will be micro (2,500 XRP) and standard (50,000 XRP) so all types of investors can get involved. This is the same path Bitcoin and Ethereum took before institutional adoption.
Coinbase Derivatives also rolled out XRP futures this week, further solidifying XRP’s position in the derivatives market. According to Giovanni Vicioso, CME’s Global Head of Crypto Products, this is in response to growing demand from both institutional and retail investors.
These launches mean XRP is entering a more mature market where investors will have tools to hedge or speculate more effectively.
Technicals Suggest Breakout
On the 2-hour chart, XRP is consolidating at $2.19 and holding the trendline at $2.17 which is supported by the 50 EMA ($2.1718). The 200 EMA is below at $2.1223 and is structural support. Price action is healthy in this channel but momentum has cooled short term.
Updated Levels:
- Pivot Support: $2.17
- Immediate Resistance: $2.2351
- Next Resistance: $2.30
- Immediate Support: $2.1186
- Next Support: $2.0671
If bulls can get above $2.2351, XRP could retest $2.30 and build to $2.74. But a close below $2.1186 would invalidate the setup and open up a retracement.
Market Sentiment is Mixed
While the technicals are bullish, sentiment is split. XRP’s RSI is at 55.98 and approaching the 50-line which means momentum is waning. According to Coinglass, Open Interest (OI) dropped 0.21% to $3.86 billion.
Liquidations data:
- Longs: $5.63 million
- Shorts: $1.99 million
- 4H Liquidations: $1.13 million (longs) vs. $3,430 (shorts)
This shows bearish pressure building. But the structure remains intact as long as price is above $2.17. A clean break above $2.22 could flip sentiment fast and give bulls a clear path to $2.74.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals