$XRP /$USDC

XRP futures will expand the CME Group's cryptocurrency products, which currently include Bitcoin futures, Ether futures, and Solana futures and options. In addition, Coinbase derivatives launched XRP futures on Monday, offering a new tool for market participants to manage risk and gain exposure. This reaffirms the growing institutional and retail interest in XRP.

XRP price considers a 25% breakout to $2.74

XRP price remains above the 8-hour 100-day Exponential Moving Average (EMA), which is at $2.15, and the resistance neckline level from the inverse head and shoulders pattern. Claiming this level as support has strengthened demand for the token to breakout 25% to $2.74, a target determined by measuring the height of the pattern from the neckline to the head and extrapolating above the breakout point.

Traders will look for a move above the short-term EMA 200 resistance at $2.22 to ensure the probability of gains towards $2.74. Previous resistance at $2.50 should be considered before fully investing in XRP.

On the other hand, the Relative Strength Index (RSI) indicator position at 55.98 and retracing to the midpoint indicates a waning bullish sentiment around XRP, which could accelerate the downtrend towards support at $2.00. If the RSI indicator falls below the midpoint, XRP price may plunge amid increasing selling pressure.

The decrease in Open Interest (OI) of 0.21% to $3.86 billion in the last 24 hours indicates a decline in confidence or a lack of strong conviction among traders during the current consolidation phase.

Liquidations of long positions exceeded short positions, signaling increased bearish pressure. Over the last 24 hours, total liquidations of long positions reached $5.63 million, compared to $1.99 million in liquidated short positions, indicating that bullish traders are facing greater pressure as their positions are forcibly liquidated. 4-hour liquidation data reinforces the bearish sentiment, with $1.13 million in long positions liquidated.