XRP Futures Surpass $30 Billion in Open Interest, Gains 3.60%
News Summary
- CME Group reported that its crypto futures surpassed $30 billion in notional open interest.
- XRP futures reached over $1 billion in just three months, the fastest for a new contract.
- Improved crypto sentiment followed Fed Chair Jerome Powell’s remarks on potential policy easing.
- XRP faces regulatory uncertainty in the U.S., despite corporate interest in Ripple’s technology for payments.
Price Action Summary
- XRP increased by 3.60%, from $2.89 to $2.99, with a $0.20 intraday range from August 26 to August 27.
- A peak at $3.08 occurred on August 26, with a volume of 167.60 million before rejection.
- Consolidation took place near the $2.99–$3.00 zone during the final trading hour.
Technical Analysis
- Support is at $2.89, with $2.99 acting as a psychological floor.
- Resistance lies between $3.06 and $3.08, marked by strong rejection at $3.08.
- RSI improved from 42 to the mid-50s, indicating a strengthening trend.
- Volume during the $3.08 test was 167.60 million, significantly above the 30-day average.
- Patterns suggest potential upside, targeting $5.85 as a longer-term breakout level.
- Diminishing peaks around $3.01–$3.00 indicate possible coiling prior to a directional move.
What Traders Are Watching
- Stability of support at $2.99–$3.00.
- A break above $3.08 could lead to a rise towards $3.20.
- Risks if $2.84 is breached, with $2.80 as the next support level.
- CME open-interest growth and institutional flows are key indicators for momentum.
