Can XRP Bulls Break $2.35 Resistance as CME Futures Daily Volume Hits ATH?

XRP futures volumes on the CME exchange have soared to an all-time high after launching on May 19. The surging volumes coincide with a bullish outlook for XRP price, which trades at $2.30 with an intraday loss of 2%. But is this tailwind enough for XRP bulls to break $2.35 resistance?

XRP Price Prediction as Bullish Signs Emerge

At press time, XRP is the third most-traded crypto with $2 billion in trading volumes according to CoinMarketCap. These volumes are set to increase as the four-hour chart shows that XRP price is approaching a crucial zone where buy-side and sell-side volumes were previously high.

The volume profile bars show that at the $2.35 price, which is also the Point of Control (PoC), XRP will face crucial resistance. However, if XRP can surge above this level, it will flip the market structure to bullish, paving the way for more gains.

The AO histogram bars further indicate that now may be the time to buy XRP as they turn green despite remaining on the negative side. This setup indicates that the bearish momentum that has been preventing an XRP price breakout above $2.30 is weakening.

Key Levels to Watch

The key level to watch in XRP’s price prediction is the support zone in which Ripple currently trades. This support zone ranges between $2.29 and $2.32, which XRP has defended for more than three weeks.

This support zone will likely hold, as technical indicators lean towards a bullish price forecast. Hence, if buyers start accumulating here, the XRP price will surge to overcome the $2.35 resistance. If it overcomes this hurdle, the next level to watch is $2.47.

A longer-term forecast for XRP shows that the anticipated launch of XRP ETF could propel the token to $10 or higher.

The descending trendline also presents a major resistance level as XRP makes a series of lower lows. If Ripple can overcome this crucial resistance, $2.47 will not be the only target price, as creating a higher high above this trendline may spark a bull run to $2.65.

CME Futures Daily Volumes Hit ATH

CME’s XRP futures daily trading volumes have surged to an all-time high after launching barely two weeks ago. On May 27, 189 XRP futures contracts were traded, which was three times higher than the trading day. Open interest has also surged to a record high of 199 contracts. Each contract is worth 50,000 tokens, making yesterday’s trading volume a little over $22 million.

CME launched XRP futures on May 19, and as Coingape reported, the product outperformed Ethereum on its launch day. As the product continues to amass interest, it is bound to drive gains for the XRP price.

Therefore, as XRP price defends the crucial support zone between the $2.29 and $2.32 price on the four-hour chart and the bearish momentum weakens, Ripple may soon surge and overcome the $2.35 resistance and reach $2.65. The rally may be driven by increased speculative interest towards XRP as CME’s XRP futures reach record high volumes.

muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.