As the launch of CME Group’s XRP futures contract draws near, the price of XRP is already grabbing a great deal of attention. This forthcoming development has reignited excitement in the market as attention is piqued from not only the everyday investor but even large institutions as well.
Ahead of a significant milestone, the price of XRP has been steadily rising. As of now according to CoinMarketCap XRP price is $2.37. The introduction of the XRP futures contract is seen as potentially revolutionary as it will provide the XRP ecosystem with more visibility, credibility, and accessibility.
CME’s new XRP futures will be overseen by the U.S. Commodity Futures Trading Commission (CFTC), which means more safety and trust for people trading them. There will be two contract sizes, a smaller one for casual traders and a bigger one for pros. Plus, with Robinhood likely to support these futures, it’ll be even easier for regular folks to join in.
Experts are watching the $2.60 price level closely. XRP just moved above it for a brief time after breaking out a triangle pattern, right now its testing support and if the required buy pressure is found that could mean an even bigger price jump is on the way.
The urgency is also being driven by rocketing open interest, which now stands at more than $4.7 billion. This indicates that the traders are warming up and positioning themselves before the grand launch. Some analysts are upbeat, believing XRP might hit $4.50 within three weeks, with positive expectations taking it up to as high as $5 in the longer term.
All attention turns now to May 19, a date that signals many hope to alter the destiny of XRP’s future.
Also Read: XRP Eyes $3 Breakout as Brad Garlinghouse Welcomes CME Futures Launch
