Ripple XRP/USD slipped by over 1.44% in the past 24 hours, trading at $2.34. As traders brace for a week driven by the launch of CME futures, and BitMEX partnership speculations, the broader market has shown positive momentum. XRP has remained limited to a range between $2.32 and $2.62 over the past week.
The market focus is on the expected launch of XRP and Micro XRP futures on the Chicago Mercantile Exchange CME, scheduled to go live Monday, pending regulatory approval. Per the CME Group, these contracts will be cash-settled using the CME CF XRP-DOLLAR Reference Rate, with each standard contract representing 50,000 and 2,500 XRP.
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Traders are closely monitoring XRP's charts to determine if this development could inject new momentum into its current price trend, fueling a spark of optimism.
Adding to Coinpedia, crypto exchange BitMEX has hinted at a collaboration with Ripple. On May 17th, in a cryptic post on X that has garnered nearly half a million views, BitMex shared a GIF with the caption "news that's gonna have a @ripple effect on the market."
There are rumors that BitMEX is integrating XRP; however, no further details have been confirmed by either party.
During the Dubai Fintech Summit, Ripple underscored its commitment to the global digital asset space, where company president, Monica Long, met with Sheikh Ahmed bin Saeed Al Maktoum.
Ripple continues to trade under pressure as it struggles to reclaim bullish momentum after facing strong rejection near the $2.45 resistance zone. While the token has briefly rallied above the $2.35 level, mirroring upward moves in Bitcoin (BTC) and Ethereum (ETH), selling pressure quickly intensified. A short-term peak formed at $2.4495 before retreating below the $2.4 level, slipping past the 0% Fibonacci retracement of the upward move from $2.299 to $2.449.
Immediate resistance lies at $2.40, with a stronger cap at $2.45. A breakout above this level can clear a path to $2.50. If momentum continues, the next resistance levels will be at $2.60, followed by $2.65 and $2.68. XRP could also potentially climb toward $2.80, a key target for bullish traders.
Conversely, failure to clear the $2.45 resistance could fuel further losses. The first support level lies at $2.3350, with more significant backing around $2.32. A break below the $2.32 mark may accelerate selling pressure, dragging XRP down to $2.20, or as low as $2.12 if bearish pressure intensifies.
The hourly RSI has dropped below the neutral 50 level, indicating a loss of bullish momentum. Meanwhile, MACD is gaining traction in bearish territory.
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