Ripple (XRP) Rises with Crypto Market
Ripple (XRP) price increased to over $2.45 on Friday. This rise follows the overall growth in the cryptocurrency market. Traders expect price changes after the US Consumer Price Index (CPI) report. The CPI showed inflation rose by 3% annually in September. This rate is slightly slower than expected. The Core CPI, which leaves out food and energy costs, dropped from 3.1% in August to 3% in September.
XRP Futures Near $27 Billion on CME Group
Demand for XRP futures has grown strongly in five months. On the CME Group exchange, XRP and micro XRP futures total almost $27 billion. CME started these contracts in April. The exchange already offers futures for Bitcoin, Ethereum, and Solana.
- One futures contract equals 50,000 XRP.
- A micro contract equals 2,500 XRP.
- Contracts are cash-settled and traded on CME Globex.
- Prices track the CME CF XRP-Dollar Reference Rate.
The XRP OI-weighted funding rate rose from 0.0032% on Wednesday to 0.0059% on Friday. This increase shows traders’ growing confidence. However, the total open interest (OI) in futures dropped to $3.67 billion on Friday from October’s $9 billion peak. This drop indicates many investors still hesitate to buy XRP futures. A steady rise in open interest is needed to support the price rise.
Technical Outlook: XRP’s Potential Next Steps
XRP trades above $2.45 with a buy signal from the MACD indicator. The MACD currently shows positive momentum. The RSI is at 44, suggesting that selling pressure is weakening. A rise above the RSI midline would confirm a bullish trend.
Key price levels to watch include:
- A daily close above $2.50 to confirm bullish strength.
- The 200-day EMA near $2.61.
- The 50-day EMA near $2.69.
- The 100-day EMA near $2.74.
Despite optimism, traders should stay cautious. Weak signs could cause profit-taking. Support levels at $2.40 and $2.18 might be tested again. The broader crypto market remains uncertain.
