XRP’s price surged to $2.22, driven by a relief rally in Bitcoin and the broader cryptocurrency market. This rally followed comments from U.S. President Donald Trump, who hinted at reducing tariffs on China. While tariffs may not be fully removed, the news boosted market sentiment. After the recovery, XRP’s price retraced, suggesting a local top. However, recent developments may trigger another bull rally.
Currently XRP price trading at $2.20 as per Coinpedia Market data.
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CME Group Announces XRP Futures Launch
The CME Group announced the launch of XRP futures contracts, sparking positive news for the XRP community. The move comes as the Ripple vs. SEC lawsuit nears its conclusion. The futures contracts will be cash-settled, allowing investors to speculate on XRP’s price movement without owning the asset. This mirrors Bitcoin futures launched in 2021, leading to the approval of Spot Bitcoin ETFs in January 2024. The CME plans to launch the first XRP futures contract on May 19th, pending SEC approval.
Ripple CEO Brad Garlinghouse praised the announcement, calling it an important step for XRP’s market growth. XRP’s price briefly rose above $2.2 following the news.
Positive Sentiment Around XRP Price
Despite a recent dip, sentiment around XRP remains positive. Data from CoinMarketCap shows 88% of votes are bullish, with only 12% predicting declines. This reflects overall optimism for XRP’s future price movement.
Crypto analyst Armando Pantoja identified a potential bullish trend, noting the price bounced off key support above $2. With no significant resistance ahead, Pantoja set a target price of $2.50, a 20% increase from its current level.
XRP has seen volatility, but recent developments, including the CME futures launch and positive sentiment, suggest the potential for another bullish rally. While the price retraced, the groundwork is set for growth in the near future. Investors are watching closely as XRP’s market position evolves
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