XRP Futures Launch on CME Group Generates $1.5 Million in Volume
XRP futures launched on the CME Group's derivatives platform on May 19, with a trading volume of $1.5 million on the first day. Key details include:
- Four standard contracts (50,000 tokens each) exchanged for around $480,000 at an average price of $2.40.
- 106 micro contracts (2,500 XRP each) added over $1 million.
- All contracts are cash-settled, linked to the CME CF XRP-Dollar Reference Rate.
- This addition places XRP alongside Bitcoin and Ethereum futures, enhancing its legitimacy.
Nate Geraci from The ETF Store confirmed the launch on social media, indicating potential future spot XRP ETFs as several US firms have applied but await SEC decisions.
XRP Price Overview
Currently, XRP trades at approximately $2.37, up over 3% in 24 hours, reflecting a 450% increase since November 2024. Technical indicators show:
- Relative Strength Index (RSI) near 53 indicates neutral momentum.
- Bollinger Bands tightening suggests consolidation; crucial support at 20-day SMA.
- A drop below $2.05 could lead to a fall to $1.83.
- A breakout above $2.61 may target $2.85.
- MACD analysis shows a narrowing gap, hinting at a potential bullish crossover.
- A "Cup and Handle" pattern formed, with a breakout above $2.60 suggesting a rise to $3.35.
XRP daily chart with RSI and Bollinger Bands | Source: TradingView
XRP daily chart with MACD | Source: TradingView
Cup and Handle pattern on XRP daily chart | Source: TradingView
Solaxy ($SOLX) Developments
While XRP is in the spotlight, Solaxy ($SOLX), a Layer 2 solution for Solana, gains attention. Highlights include:
- Addresses network congestion and scalability issues through off-chain processing.
- Presale raised $38 million towards a $38.7 million goal.
- Offers 112% APY with over 10 billion tokens staked.
- Token price set at $0.001724.
With 27 days remaining before a potential price increase, interest in Solaxy continues to grow.