#xrp XRP sideways structure holds as traders eye May 19 CME futures launch as next catalyst XRP is showing muted price action as markets await a potential catalyst in the form of regulated futures trading on the Chicago Mercantile Exchange Group on Monday, May 19.
The token has been range-bound between $2.32 and $2.62 for the past week and is currently holding steady at $2.37, up just 0.7% in the last day. Even though the price has been moving sideways, market activity has risen dramatically. The 24-hour trading volume of XRP XRP
-1.71%
XRP increased 46.8% to $3.2 billion, showing renewed interest among traders.
Meanwhile, open interest has decreased by 0.26%, but derivatives volume is up by 48%, as per Coinglass data. This discrepancy points to a rise in short-term positioning without long-term conviction, perhaps in preparation for the upcoming derivatives launch.
CME Group, the world’s largest regulated derivatives marketplace, plans to introduce XRP and Micro XRP futures contracts on May 19, pending final regulatory approval. According to CME Group’s notice on April 24, each contract will be cash-settled based on the CME CF XRP-Dollar Reference Rate and represent 50,000 and 2,500 XRP, respectively.
