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XRP News Today: XRP Debuts on CME as Whale Activity Rises—Is XRP’s Rally Just Getting Started?
- XRP is now the first U.S.-regulated altcoin to be traded on the CME derivatives platform, with cash-settled contracts available in varying sizes.
- The launch of XRP on CME marks a significant milestone for Ripple XRP, indicating potential future developments such as spot XRP ETFs.
- Although XRP price initially dropped 3.45% on launch day, analysts view this move as a positive long-term signal for the XRP market.
- On-chain signals show complex valuation and sentiment dynamics for XRP, with increased holdings by large-scale investors and rising exchange reserves.
- XRP's trading volume stands at $4.63 billion with futures open interest at $4.94 billion, suggesting growing market participation and potential upward movement towards $3.00.
- Technically, XRP shows signs of a potential bull run supported by moving averages, while indicators like RSI indicate a mild bullish bias.
- Despite positive technical aspects, there are caution signs like a double top formation and a potential short-term correction to $1.94.
- XRP investors are noted to have reached the 'denial' stage according to Glassnode’s NUPL metric, which historically precedes price corrections.
- The unresolved XRP lawsuit against the SEC adds regulatory uncertainty, impacting XRP's path to wider acceptance and approval of spot ETFs.
- The long-term outlook for XRP remains positive with analysts projecting price targets ranging from $3.69 to $17, contingent on overcoming immediate hurdles and market risks.
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