CME Traders Bet Big Against Bitcoin As US Fed Rate Cut Looms

Traders on the Chicago Mercantile Exchange (CME) have been increasing their short positions on Bitcoin futures ahead of the US Federal Reserve’s interest rate decision, according to K33 analyst David Zimmerman. This move indicates a cautious approach in the market, as the Federal Open Market Committee (FOMC) is expected to announce its latest interest rate decision later today by 2 pm ET Related Reading: Crypto Analyst Reveals Key Insights into Bitcoins Bull-Bear Transition Phase The Looming Rate Cut And The Beforemath So far, current market sentiment points towards a 50 basis-point rate cut, a significant change from the usual monetary policy. This would be the first-rate reduction in four years, causing market participants to brace for potential volatility. Zimmerman noted that CME traders have notably increased their short positions by 5,500 BTC over the past two days, pushing futures premiums to a nine-month low. This trend suggests a shift towards bearish sentiment on Bitcoin in anticipation of the FOMC’s decision. Additionally, the CME futures market is reflecting fears of heightened volatility, similar to what occurred following the recent US Consumer Price Index (CPI) release. According to Zimmerman, the “downward sloping futures premiums” on CME, now below 5% for the first time since January 15, indicate “hedging against potential risks” associated with the FOMC meeting. Implications Of Interest Rate Cuts On Bitcoin Zimmerman pointed out that although rate cuts usually relief market conditions and may enhance liquidity for risk assets like Bitcoin, worries about a possible economic downturn remain. The analyst mentioned that the anticipated 50 basis-point cut has amplified these concerns. Historical precedents show that such a significant reduction, like those in 2001 and 2007, heightened recession fears. Currently, with real interest rates at their cyclical highs and inflation cooling, the Federal Reserve may consider swift cuts to reach a “neutral rate”a rate that neither stimulates nor restricts the economy, Zimmerman suggested. The analyst added, noting: “Currently, 125 basis points in cuts are expected by the end of the year.” Currently, Bitcoin trades at $59,415, at the time of writing down by 2.7% in the past day. Despite the bearish sentiment from CME traders, several analysts are optimistic that the fed rate cut will be positive for Bitcoin. Related Reading: Bitcoin Price Bounces Back, But Can It Sustain Above $60K? For instance, renowned crypto analyst known as Moustache on X has recently pointed to a notable bullish pattern on BTC chart, suggesting that the upcoming FOMC decision could assist the pattern in playing out completely. #Bitcoin (W) Most exciting FOMC meeting of the year and the chart of $BTC looks like this. Descending broadening wedge for 6 months. In the past, these patterns have ALWAYS been bullish. RSI is a leading indicator and has already broken out of the downtrend. pic.twitter.com/zbHNIM5vfc (@el_crypto_prof) September 18, 2024 Featured image created with DALL-E, Chart from TradingView

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Nasdaq and CME Group bolster Bitcoin market with new trading options

Two prominent financial institutions in the USNasdaq and CME Grouphave launched new Bitcoin-related products as institutional adoption of the top crypto continues. According to an Aug. 27 announcement, Nasdaq has partnered with CF Benchmarks to file with the US Securities and Exchange Commission (SEC) to list and trade Nasdaq Bitcoin Index Options (XBTX). XBTX The […]

The post Nasdaq and CME Group bolster Bitcoin market with new trading options appeared first on CryptoSlate.

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CME to launch bite-sized Bitcoin Friday futures in bid for retail

Each futures contract is sized at one-50th of 1 BTC. 

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Nasdaq wants to launch a Bitcoin index options, seeks SEC approval

Options would allow institutional investors to hedge risks and traders to amplify their buying power. 

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CME & Glassnode Release Comprehensive Report on Digital Asset Trends for H1 2024

CME Group and Glassnode unveil a detailed report on digital asset market trends for H1 2024, providing key insights for institutional investors. (Read More)

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Bitcoin Now Rivals Visa and Mastercard, with $46.4B in Daily Payment Volume: CME Report

A report from CME Group suggests that Bitcoin now rivals payment giants Visa and Mastercard in volume, boasting a daily…

The post Bitcoin Now Rivals Visa and Mastercard, with $46.4B in Daily Payment Volume: CME Report first appeared on The Crypto Basic.

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Ethereum Set For $5,000? ETH Open Interest Expanding On CME Ahead Of Spot ETFs Trading

Ethereum is tracking lower when writing, sinking roughly 18% from March 2024 highs. Even though bears appear to be in control at spot rates, keeping the second most valuable coin below $3,700, confidence is high among analysts. ETH Futures Open Interest Rising On CME Taking to X, one of them noted that there are solid signs that institutions are positioning themselves to push prices higher. Citing rising open interest in Ethereum Futures at CME, a bourse, the analyst said it is highly likely that the “big money” is accumulating ETH, taking advantage of the recent correction. To reassert this outlook, the analyst said the trend observed from the Ethereum CME futures contracts’ open interest is a reliable telltale sign. Notably, this trend mirrors what transpired with Bitcoin futures before the launch of spot Bitcoin exchange-traded funds (ETFs). For this reason, the analyst is convinced that a similar pattern is printing for Ethereum. Related Reading: Bitcoin Bears Target $60,000 Level As Price Continue To Decline Currently, Ethereum is printing discouraging lower lows. Sellers have been resilient, deflating any momentum buildup and placing caps on bulls. So far, it is emerging that $3,700 is a resistance level for traders to monitor closely. Bulls did not launch a counter once it was broken on June 7, and the bear breakout was confirmed four days later on June 11. Despite the current market conditions, the launch of Ethereum spot ETFs could still drive prices to new heights. The analyst predicts a potential expansion to $5,000, confirming the Q1 2024 trend and the breakout above the current flag. Still, whether bulls will be in control depends on how price action pans out. Technically, open interest shows the cumulative summation of both open or long-leveraged positions. If buyers push prices to rise, ETH should expand in the coming days, even breaking $3,700 this week. Spot Ethereum ETF Optimism: Will They Be A Success? Beyond this, the recent flurry of activity surrounding spot Ethereum ETF applications bolsters this optimism. On June 21, seven applicants, whose 19b-4 forms were recently approved, submitted amended S-1 registration statements with the United States Securities and Exchange Commission (SEC). Analysts now think the regulator could approve the trading of these products by early July 2024.   Related Reading: Solana Slides 13% Can It Recover Despite Analysts $1,000 Prediction? While bullish for Ethereum, some analysts are not convinced they will enjoy similar success as those seen when spot Bitcoin ETFs began trading. Eric Balchunas, Senior ETF analyst at Bloomberg, predicted that spot Ethereum ETF would succeed if it grabs just 20% of all the capital inflow going to its Bitcoin counterpart. Feature image from DALLE, chart from TradingView

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$1.35B in Bitcoin options expire this week Do BTC bulls or bears have the upper hand?

This weeks Bitcoin options expiry sits at $1.35 billion, but what is the expected impact on BTC price?

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Bitcoin Local Bottom In? Analyst Offers Insights

In an ever-evolving world of cryptocurrency markets, deciding the bottom of Bitcoin price correction is an endeavor that attracts interest from both investors and analysts. Joining the fray is cryptocurrency analyst and trader MilkyBull offering insights on the subject, claiming that Bitcoin’s local bottom has developed due to a certain development. Following its weekend recovery out of bear market territory, the price of Bitcoin slightly decreased on Monday. However, MilkyBull is confident that the recent retracement might be the last before BTC turns to move on the upside. Bitcoin Local Bottom Is In According to the expert, given that the next liquidity grab interest is above $64,557, the local bottom for Bitcoin is in. As a result, before moving on to the current all-time high of $73,000, BTC will first clear the $67,000 price level and consolidate. Thus, Bitcoin may eliminate the CME gap below either prior to or subsequent to eliminating the liquidity above $64,975. Related Reading: Bitcoin Bottom In? Retracement From $73,800 Is Deeper And Took Longer To Form The CME gap is a price difference that occurs between the Friday closing price and Sunday opening prices of the Chicago Mercantile Exchange (CME) Bitcoin futures market. Therefore, the expert considers this development a good area for long trade, signaling a buying opportunity for BTC bullish investors. MilkyBull further drew attention to a previous analysis that suggests Bitcoin could be poised for a rally due to historical patterns. The analyst noted that the 2017 price action shows that when BTC breached a new all-time high, there was a healthy retracement that was driven by liquidity before it surged to a cycle peak.  Given that BTC might be mirroring this pattern, MilkyBull’s analysis might suggest that BTC has undergone its last shakeout, and a move on the upside could be imminent. He also confirmed that the present consolidation range was paralleled by the preceding consolidation, which began to materialize from December 2023 to February 2024.  This pattern, identified as a manipulative strategy of the market makers (MMs) by the expert, is meant to remove degenerate Short-Term Holders (STHs), which are particularly vulnerable to price corrections below their cost base. BTC Correction On The Horizon While MilkyBull anticipates a rally, market expert Benjamin Cowen expects the leading cryptocurrency asset to drop in the upcoming days. Last week, Cowen claimed BTC’s Return On Investment (ROI) 12 days after the Bitcoin Halving event was the worst performance that the asset has experienced. According to Cowen, this is reasonable as it is the first time BTC is reaching a new all-time high before the Halving. Related Reading: Crypto Expert Arthur Hayes Says Bitcoin Has Found Its Local Bottom But Can It Hold This Level? Almost a week later, there is still no improvement, as the analyst noted that BTC ROI is still performing worse than in previous cycles. Comparing this action with that of 2016, Cowen expects BTC to undergo a decline in the coming week. During the time of writing, BTC was trading at $63,970, demonstrating an increase of over 3% in the past week. While its market cap is down by 1.17%, its daily trading volume has garnered positive sentiment, rising by 40%. Featured image from iStock, chart from Tradingview.com

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TradFi execs say crypto derivatives will play larger role in Bitcoins future

Experts say BTC and ETH derivatives will be instrumental in integrating crypto into TradFi and sending each to new all-time highs.

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Bullish Bitcoin options dominate Mays $6.5 billion expiry

Bitcoin bulls have strong incentives to push the BTC price above $70,000 on May 31, but the clock is ticking.

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XRP Institutional Push Begins: Futures Live on CME, Big Players Join In

Key Takeaways: XRP made a major step towards more serious institutional adoption with the introduction of standard and Micro XRP Futures on the Chicago Mercantile Exchange (CME). This adds credibility to XRP in the regulated financial markets. Ripple CEO Brad Garlinghouse noted the milestone as he confirmed that institutional prime broker Hidden Road facilitated the […]

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CME Plans to Launch Spot Bitcoin Trading amid Futures Dominance: Report

Chicago Mercantile Exchange (CME), known for operating one of the largest US-based futures exchanges, is planning to offer spot Bitcoin trading to its clients, according to a report by the Financial Times.

CME Expansion in Crypto Markets

Although not officially confirmed or commented on by the exchange, the plans to offer Bitcoin trading came when demand for the cryptocurrency among Wall Street money managers was surging. If launched, it would not be CMEs first foray into cryptocurrencies. The Chicago-based exchange is already operating a cryptocurrency futures exchange, which offers standard and micro futures contracts of Bitcoin and Ether. CME even ranks at the top of Bitcoin futures exchanges in terms of open interest, surpassing Binance, which otherwise dominates the spot market.

Although the report outlines that CMEs plan to launch Bitcoin trading is not yet finalised, it would allow investors to place so-called basis trades more easily, a common strategy among professional Bitcoin traders. Basis trades involve borrowing money to sell futures and simultaneously purchasing the underlying asset, opening the opportunity to profit from the small price gap between the two.

Mainstream Players in Crypto

Giants like Deutsche Börse also entered the cryptocurrency market this year. CMEs rival, CBOE Global Markets, is already offering crypto spot trading, which it will soon discontinue due to the country's lack of regulations.

Indeed, while Europe is gearing up for crypto regulations with the incoming Markets in Crypto-Assets Regulation (MiCA), the US is lagging behind. While US regulators unanimously agreed to consider Bitcoin a commodity, the status of other crypto assets remains unclear. Recently, the company behind the popular wallet platform MetaMask sued the Securities and Exchange Commission (SEC) to prevent it from labelling Ethereum as a security. Meanwhile, Coinbase is already fighting a legal battle against the SEC over the clarification of crypto rules in the country.

Despite the murky regulations, the SEC approved Bitcoin exchange-traded funds last January, ending years of anticipation. These instruments have opened the opportunity to easily invest in Bitcoin for retail and institutional investors alike.

Meanwhile, Vanguard, which has maintained an anti-crypto stance, recently named Salim Ramji, the previous executive at BlackRock who oversaw the launch of Bitcoin ETF, as the incoming Chief Executive.

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CME to Launch Bitcoin Trading for Hedge Funds and Traders

CME plans to launch spot bitcoin trading, opening the door for major hedge funds and institutional traders to access a regulated marketplace.

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Is Bitcoin Price Turning Bullish Or Bearish? Crypto Analyst Reveals Critical Levels To Watch

Bitcoin’s price action in the past 24 hours has seen it slowly retracing from the $104,000 zone it started the week at. This range has become particularly significant as Bitcoin continues to flirt with levels last seen during its recent push toward new all-time highs. Bitcoin’s price movements over the past two days have tightened, and the candlestick behavior on the weekly chart has led to a doji formation on the weekly candlestick timeframe, an indicator of indecision. Interestingly, a technical analysis from crypto analyst Tony “The Bull” Severino has highlighted critical levels to watch that will determine whether the Bitcoin price is turning bearish or still bullish.  Mixed Signals: Why the Current Resistance Zone Is Critical Crypto analyst Tony “The Bull” Severino shared a chart and in-depth breakdown on the social media platform X, pointing to horizontal support and resistance levels as the most important technical indicators in his view. As shown on his Bitcoin weekly chart, the leading cryptocurrency is now pressing against a well-defined resistance zone just below its all-time high, marked clearly in red. The proximity of this level to its all-time high means it could act as a ceiling, making it an important area to watch for either a breakout or a reversal. Related Reading: Whats Driving The Bitcoin Price Recovery Above $100,000 And Is It Sustainable? Tony outlines three possible interpretations for the current market structure around the $108,000 resistance level. The bullish case hinges on Bitcoin consolidating under resistance, a pattern often followed by upward continuation. The neutral case is that Bitcoin could be forming a broad trading range, in which case it makes sense to short the market at resistance while buying near support. On the bearish side, the presence of a doji candlestick at this key level may be a sign of fading momentum and an early signal of a price reversal. His trading strategy reflects this uncertainty. He has placed short positions within the red resistance zone, with a stop loss just above the all-time high. At the same time, he has set a stop buy order in the green breakout zone above the all-time high, ready to switch long should the Bitcoin price convincingly break through resistance. Conditions For A Bullish Breakout Are Not Yet Fulfilled Although Tony noted that the broader investment market, including altcoins and the stock market, looks strong, he cautioned that this does not guarantee a bullish breakout for Bitcoin. For confirmation, a bullish breakout must be preceded by aligning various technical indicators. These include a breakout with substantial trading volume, an RSI reading above 70 on the weekly chart, and a weekly close above the upper Bollinger Band.  Related Reading: The Big Short Coming For Bitcoin? Why BTC Will Clear $110,000 At the moment, however, the Bitcoin CME Futures chart has failed to move past 70 on the daily RSI twice, and trading volume is in decline. According to CoinMarketCap, the trading volume of Bitcoin is $44.33 billion in the past 24 hours, a 11.40% reduction from the previous 24 hours. These are early warning signs that a breakout attempt may lack the strength needed for sustainability. Nonetheless, the conditions are still very mixed and starting to lean more bullish than bearish. At the time of writing, Bitcoin is trading at $102,352, down by 1.31% in the past 24 hours. Featured image from Pixabay, chart from Tradingview.com

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Ethereum Price Looks Set To Crash To $1,000-$1,500, But Can It Fill The CME Gaps Upwards To $3,933

Ethereum is facing renewed downward selling pressure, with the entire crypto market entering a fresh downtrend in the past 24 hours. This renewed selling pressure has seen the Ethereum price lose a strong support level at $1,800, causing it to fall by about 14.5% from its price 24 hours ago at the time of writing.  The trading trend shows that the Ethereum price is about to break below $1,500, with one analyst even suggesting a potential break to $1,000. Yet, despite the sharp decline, technical patterns suggest the possibility of Ethereum revisiting much higher price levels upwards to $3,933, specifically to fill multiple CME futures gaps that are still open above. Ethereum Breaks Below Key Support, Larger Breakdown Ahead The loss of the $1,800 support has strengthened the bear case for Ethereum, especially amid broader weakness in the altcoin market. One of the more blunt takes comes from crypto analyst Andrew Kang, who argued that the price of Ethereum is actually overvalued. He described Ethereums $215 billion market cap as ridiculous for what he calls a negative growth/profitability asset.  Related Reading: Analyst Reveals Bullishness On Ethereum Price At This Point, Can It Hit $4,000 Again? According to Kang, the momentum of speculative winds that used to ignite Ethereums price surge has run dry, and a revisit of the $1,000 to $1,500 zone is not only likely but overdue. What adds weight to Kangs warning is how quickly the market appears to have validated his concerns.  Since his statement, Ethereums market cap has dropped significantly, sliding to $186.5 billion at the time of writing. Although the decline is due to other market factors, the pace and depth of this decline suggest that investor confidence in Ethereum may be lower than expected, with no immediate signs of reversal in sight. If bearish pressure continues, Ethereum could soon find itself trading at the lower end of Kangs projected range at $1,000. CME Gaps Above $2,500 Offer A Technical Outlook For Rebound Even as price action trends lower, Ethereums CME futures chart tells a different story. Titan of Crypto pointed out that three distinct CME gaps are unfilled above the current market level. These include a gap between $2,550 and $2,625, another between $2,890 and $3,050, and a partially filled third gap between $3,917 and $3,933.  Related Reading: Ethereum Price Hits 300-Week MA For The Second Time Ever, Heres What Happened In 2022 The CME gap theory is rooted in the observation that asset prices often return to fill these voids, even if the move takes weeks or months. In the case of Ethereum, the odds of a return to the CME gaps are very low in the short term. However, considering Q2 2025 is only just starting, there is still enough time to witness the buying pressure needed to fill these levels before the end of the year. At the time of writing, Ethereum is trading at $1,540, down by 14.5% in the past 24 hours. Featured image from Unsplash, chart from Tradingview.com

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Bitcoin Raging Bull Indicator Turns Back On, But This Level Holds The Key

Bitcoin continues to show signs of resilience at the $95,000 region, pushing higher from recent lows and attempting to reclaim its bullish structure after a volatile April. The monthly candlestick for April on the CME Futures chart currently presents a strong bullish engulfing formation, which, if sustained into the weekly close, could provide the market with bullish momentum to close May with another bullish candle. The potential of this bullish close is enough to sway the sentiment among bearish proponents, according to crypto analyst Tony “The Bull” Severino. Raging Bull Tool Flashes Signal On CME Futures Bitcoin’s price action over the past two weeks has been positive and has seen an otherwise waning bullish sentiment slowly creeping back among crypto traders. Interestingly, this price action has even seen Bitcoin’s net taker volume turn positive for the first time in a while. Although the trend is still in its early stages, the renewed strength is already beginning to soften some of the more bearish outlooks, especially as key indicators start to turn. Related Reading: Bitcoin Price Confirms Breakout To $106,000 As Technicals Align Tony The Bull Severino, a well-followed crypto analyst, recently revealed on social media platform X that his proprietary Raging Bull indicator has turned back on. However, this indicator has turned back on only on the Bitcoin CME Futures chart, not the spot BTC/USD chart.   The divergence between CME Futures and the spot chart, with only the former flashing this bullish signal, has added complexity to Bitcoins current outlook. The Raging Bull tool, which uses weekly price data, is designed to identify early stages of powerful upward movements. According to Severino, the appearance of this signal, despite his bearish stance, suggests a meaningful shift in market structure may be developing. However, he was quick to add that a confirmed weekly close is still necessary before any firm conclusions can be drawn.  Breaking Above This Level Is Key Examining the monthly chart shared by the analyst, the bullish engulfing candlestick is clearly visible following a sharp rebound from Aprils lows below $83,000. Bitcoin began the month of April at around $83,000, but a swift downturn in the first few days pushed the price downward until it bottomed out at around $75,000. However, the current April candle not only erases Marchs losses but also indicates increased interest in Bitcoin from institutional traders on the CME platform.  Related Reading: Bitcoin Price Following Analysts Prediction For Bullish Breakout, Heres The Target Still, despite the encouraging candlestick formation, Bitcoin must decisively break above the $96,000 to $100,000 region, where previous uptrends have stalled. This level is acting as a ceiling that could determine whether the recent bullish momentum continues or stalls. A failure to close above this range, either on the weekly or monthly timeframe, could invalidate the Raging Bull signal.  Additionally, the Raging Bull indicator needs to turn back on the spot BTCUSD chart to confirm a strong bullish outlook. This can only be done if Bitcoin manages to break substantially above $96,000. At the time of writing, Bitcoin is trading at $94,934. Featured image from Pixabay, chart from Tradingview.com

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Crypto Analyst Warns Bitcoin Price Could See Further Crash If It Falls Below This Level

Crypto analyst Pejman has warned that the Bitcoin price could witness a further crash in the short term. He revealed the level the flagship crypto needs to hold to avoid these heavy declines. Bitcoin Price Could Witness Further Crash If It Falls Below This Level In a TradingView post, Pejman stated that the Bitcoin price could record heavy declines if it falls below $83,500. This warning came following a bullish analysis in which he remarked that BTC seems to be completing the bullish flag pattern. The analyst added that he expects the flagship crypto to rally to the upside as it looks to fill the CME gap at the $86,000 range.  Related Reading: Bitcoin Price Struggles: Crypto Analyst Bucks Back Against Bearish Sentiment, Top Is Not In This eventually happened as the Bitcoin price rallied to as high as $88,000 amid the massive volatility that occurred following Trumps reciprocal tariffs announcement. However, Pejman suggested that the rally to $88,000 is likely the local top for BTC, stating that there is a possibility that Bitcoin will fall again following this price surge.  Moreover, the Bitcoin price has since corrected following the rally to $88,000. This price crash occurred as Trump unveiled the customized tariff rates for countries such as China, the European Union, the United Kingdom, and Japan. This move from the US president is expected to trigger a trade war, with these countries retaliating with counter-tariffs, which is bearish for BTC and the broader crypto market.  BTC Could Still Drop To As Low As $78,000 Based on crypto analyst Kevin Capitals analysis, the Bitcoin price could soon drop to as low as $78,000. The analyst noted that there is a little bit of long liquidity at the $78,000 to $80,000 level, but there is also a lot of liquidity in the $87,000 to $90,000 range.  Related Reading: Crypto Pundit Makes Case For Bitcoin Price At $260,000, But This Invalidation Level Threatens The Rally He further remarked that market makers could look to transact in that $87,000 to $90,000 range just before Trumps tariff announcement, which happened as predicted. With the Bitcoin price sucking up the liquidty at the $87,000 to $90,000 range, it looks likely to drop to the $78,000 to $80,000 range to also suck up the liquidity at that range.  Despite the Bitcoin prices downtrend over the past two months, crypto analyst Rekt Capital is still bullish on the flagship cryptos trajectory. He noted that BTC experienced a 32% downtrend from mid-March 2024 to early September 2024, a pullback that lasted almost six months before its price broke to new all-time highs (ATHs). As such, the analyst suggested this downtrend is nothing to worry about as BTC could still rally to new highs in a flash.  At the time of writing, the Bitcoin price is trading at around $83,000, down over 1% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com

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XRP Price Shoots For 20% Surge To $2.51 Amid Pullback To Breakout Zone

The XRP price is eyeing a surge of 20% as it looks to reach a major resistance zone at $2.50, providing a bullish outlook for the altcoin. This projection comes amid XRPs pullback to retest the breakout zone, with a confirmation of this breakout likely to lead to new highs.  XRP Price Eyes 20% Surge To $2.51 In a TradingView post, crypto analyst Liam indicated that the XRP price could soon rally to the key resistance level at $2.15803. The analyst highlighted $2.29387 and $2.40995 as the other key resistance levels for the altcoin. Meanwhile, he mentioned that $2.18880 and $2.08373 are the key support zones to keep an eye on.  Related Reading: Crypto Analyst Says XRP Is Dead Sentiment Is A Lie, Reveals The Truth Liam also commented on the current XRP price action and what needs to happen for the altcoin to reach this $2.51 target. He noted that the altcoin recently broke above a key consolidation range but is now pulling back to retest the breakout zone. If the support between $2.18880 and $2.08373 holds, then the altcoin could initiate a strong bullish rally towards the resistance zones, with $2.51803 as the major target.  The crypto analyst advised market participants to closely monitor price action around the retest zone. He claimed that a strong bullish rejection from support could offer a high-probability long opportunity toward the higher targets.  The XRP price currently boasts a bullish outlook, with the broader crypto market witnessing a reversal from recent lows. XRPs fundamentals also support a price. CME Group recently announced plans to launch XRP futures contracts in May, while ProShares Trust XRP ETF could launch soon, which would also provide institutional investors with exposure to the fourth-largest crypto by market cap.  $2.24 Is Also A Major Resistance To Keep An Eye On Crypto analyst CasiTrades suggested that $2.24 is another major resistance level to keep an eye on for the XRP price.  She noted that this level has been a key focus for weeks. XRP recently broke above this level as it surged to $2.27 but faced strong rejection, and is now looking to retest $2.24 as resistance. Related Reading: XRP Vs. Bitcoin: Ripple Drops Bombshell On Which One Is Better CasiTrades asserted that price remains vulnerable to deeper support until it can reclaim and close above $2.24. On the bullish side, the analyst claimed that this is a critical area that needs to be respected to keep bullish momentum intact. Crypto analyst Dark Defender assured that XRP will continue to climb to the top. His accompanying chart showed that the altcoin could reach as high as $8 in this market cycle.  At the time of writing, the XRP price is trading at around $2.28, up over 5% in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from Tradingview.com

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Is The XRP Price Rally Over At $2.22? New Developments Suggest Major Pump Is Coming

The XRP price rallied again to $2.22 after a relief rally rocked Bitcoin and the crypto market. This was fueled by comments from US President Donald Trump that the tariffs on China are expected to be significantly reduced, even though they would not be zero. In the aftermath of this recovery, though, the XRP price has begun to retrace, suggesting that a local top may have been reached. However, some developments for XRP could see a kickstart to the bull rally. CME Group Announces XRP Futures Launch The XRP community has been rocked by positive news once again after the CME Group announced that it would be launching a futures contracts investment vehicle for XRP. The derivatives exchange seems to be taking advantage of the hype around the XRP price over the last few months, especially with the conclusion of the Ripple vs. SEC lawsuit on the horizon. Related Reading: Bitcoin Sees Largest ETF Inflows Since January, Becomes 5th Largest Asset In The World CME Group revealed that the futures contracts would be a cash-settled one, allowing investors to be able to bet on the XRP price rising or going down. This allows for exposure to XRP without having to actually buy and hold the digital asset itself. This is akin to the Bitcoin futures launched back in October 2021, setting the stage for the approval of Spot Bitcoin ETFs later in January 2024. The exchange revealed that it plans to launch the very first XRP futures contract on May 19th if the Securities and Exchange Commission (SEC) gives its approval. This news has been positively received in the XRP community, with Ripple CEO Brad Garlinghouse calling it an incredibly important and exciting step in the continued growth of the XRP market. Additionally, the XRP price jumped above $2.2 in response to the news. Related Reading: Why Did The Dogecoin And Shiba Inu Prices Surge Over 10%? Sentiment Recovers Around XRP Price Despite the decline in the XRP price following the market slowdown on Thursday, sentiment around the altcoin continues to be very positive. Data from CoinMarketCap shows that positive sentiment around the XRP price has rebounded after briefly dipping when the altcoin fell below $2.22. It is now sitting at an 88% of all votes being bullish, with only 12% expecting the price to fall further from here. Crypto analyst Armando Pantoja has also called out a possible bullish action brewing for the XRP price. According to the analysis, momentum is building after the price bounced off key support just above $2, and there is no major resistance in sight. He set the target at $2.50, which would mean a 20% jump in price from here. Featured image from Dall.E, chart from TradingView.com

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