The XRP price will be in the spotlight on Monday as the market focuses on the upcoming CME futures launch and the ongoing ETF inflows. The Ripple token was trading at $2.4185, up about 50% from its lowest level in April.
XRP Price in Focus Ahead of CME Futures Launch
The XRP token will be in the spotlight on Monday when CME, a giant American company, launches its first futures contract. This is a major milestone for the fourth-biggest cryptocurrency in the industry.
Futures will allow Wall Street investors to predict XRP’s future price action and hedge their positions. Most importantly, these contracts will allow one or more companies in the US to issue XRP futures ETFs. A good example of a futures ETF is the ProShares Bitcoin Strategy ETF (BITO), which has accumulated over $2 billion in assets.
The XRP futures come at a time when demand for Ripple assets is soaring. A good example is the recently launched Teucrium Leveraged XRP ETF, which charges an annual fee of 1.89%. It has gained over $106 million in assets, passing the VolatilityShares 2x Leveraged Solana ETF, which has $30 million in assets since its launch in February.
Traders are optimistic that the XRP price has a bright future because of its strategy to disrupt the financial services industry. Ripple Labs has already launched its stablecoin, which has accumulated over $310 million in assets.
The company also hopes to become the biggest player in the money transfer industry and disrupt the Swift Network. Brad Garlinghouse has pitched Ripple as a faster and lower-cost alternative.
Further, the SEC is expected to decide on the Franklin Templeton XRP ETF in June. The most likely scenario is that it will delay this decision and be approved alongside other ETF proposals before the October deadline.
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XRP Price Technical Analysis
The daily chart shows that the XRP price has pulled back after peaking at $2.6521 last week. It has remained above the 50-day Exponential Moving Average (EMA), which has provided it with substantial support.
The Ripple token has also formed an inverse head and shoulders pattern, a popular bullish reversal sign. It has also moved slightly above the 38.2% Fibonacci Retracement level.
Therefore, the most likely scenario is where the XRP price will have a significant breakout in the coming days. This outlook will be confirmed if the coin rises above the key resistance level at $2.65. A move above that level will raise the odds of it rising to $3, followed by the year-to-date high of $3.4. A move below the support level at $2 will invalidate the bullish Ripple forecast.
