Whats Behind Ripples (XRP) 5% Price Surge in Minutes?
TL:DR;
- Cryptocurrency prices tend to react positively to favorable news and developments coming from big names, especially if they are outside the industry.
- XRPs case from the past hour or so was another confirmation of this narrative, as the asset jumped by 5% in the timeframe.
The news in question came from one of the most prominent US-based derivatives marketplaces, the Chicago Mercantile Exchange. Reports from SynopticCom indicated that the Illinois-based global giant had added two of the top 10 cryptocurrencies by market cap XRP and SOL to its 2025 agenda.
Moreover, the page reads that futures trading for both assets will begin on February 10 if the products receive the necessary regulatory green light.
@SynopticCom: CME just added XRP and SOL futures page to their staging subdomain. Page says XRP and SOL futures are going live on Feb 10 pending regulatory review. Looks like they are preparing for the official announcement. Brace for paradise.
As always, posted this first on pic.twitter.com/Am6fzLyApd
Summers (@SummersThings) January 22, 2025
Although the CME Groups team is yet to make this announcement public, the report had an immediate impact on the prices of the underlying assets.
XRP, the third-largest cryptocurrency by market cap, had declined to $3.13 ahead of the news going live but jumped by about 5% within minutes to just over $3.28. It has retraced since then slightly, but its still 10% up in the past week and close to the 2018 all-time high of $3.4.
SOL, which has been on a roll since the Trump meme coin mania that started last Friday, went from under $255 to $270 within the same timeframe. Solanas native token charted an all-time high during the weekend at over $290.
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