XRP at $2.22: Dead Cat Bounce or Launchpad for the Next Leg Up?
Ripple’s XRP defies gravity at $2.22—but this isn’t your average ’buy the rumor’ play. Fresh network developments and whale accumulation patterns suggest an explosive move brewing.
Behind the scenes: On-chain data shows exchanges bleeding XRP reserves (a classic pre-pump signal), while the SEC lawsuit overhang finally lifts. Market makers are positioning for volatility.
Watch the $2.50 level: A clean break could trigger algorithmic buying frenzy. Just don’t expect Wall Street analysts—busy downgrading Coinbase—to acknowledge the rally until it’s already peaked.
CME Group Announces XRP Futures Launch
The XRP community has been rocked by positive news once again after the CME Group announced that it would be launching a futures contracts investment vehicle for XRP. The derivatives exchange seems to be taking advantage of the hype around the XRP price over the last few months, especially with the conclusion of the Ripple vs. SEC lawsuit on the horizon.
CME Group revealed that the futures contracts would be a cash-settled one, allowing investors to be able to bet on the XRP price rising or going down. This allows for exposure to XRP without having to actually buy and hold the digital asset itself. This is akin to the Bitcoin futures launched back in October 2021, setting the stage for the approval of Spot Bitcoin ETFs later in January 2024. The exchange revealed that it plans to launch the very first XRP futures contract on May 19th if the Securities and Exchange Commission (SEC) gives its approval.
This news has been positively received in the XRP community, with Ripple CEO Brad Garlinghouse calling it “an incredibly important and exciting step in the continued growth of the XRP market.” Additionally, the XRP price jumped above $2.2 in response to the news.
Sentiment Recovers Around XRP Price
Despite the decline in the XRP price following the market slowdown on Thursday, sentiment around the altcoin continues to be very positive. Data from CoinMarketCap shows that positive sentiment around the XRP price has rebounded after briefly dipping when the altcoin fell below $2.22. It is now sitting at an 88% of all votes being bullish, with only 12% expecting the price to fall further from here.
Crypto analyst Armando Pantoja has also called out a possible bullish action brewing for the XRP price. According to the analysis, momentum is building after the price bounced off key support just above $2, and there is no major resistance in sight. He set the target at $2.50, which would mean a 20% jump in price from here.
