$XRP is currently trading around $2.38, showing a modest 1.71% increase over the past 24 hours. This comes after it briefly surged to $2.68 in mid-May before pulling back to a key support zone between $2.28 and $2.31.
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What’s Fueling XRP’s Recent Momentum?
CME Futures Launch:
On May 19, CME Group officially launched XRP futures trading, recording over $1.5 million in trading volume on the first day. This marks a significant step in institutional adoption and visibility for XRP.
Ripple vs SEC Legal Hopes:
Despite a recent procedural rejection of a proposed settlement, continued negotiations suggest that a final resolution between Ripple and the SEC may be on the horizon – sparking optimism across the community.
Technical Optimism:
Macro analyst Raoul Pal recently highlighted a potential bull flag pattern forming on XRP’s chart, indicating a possible breakout to the upside if the pattern confirms.
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But Caution Is Still Warranted
Strong Resistance at $2.60–$2.70:
XRP faced a firm rejection at this zone during its recent rally, signaling that sellers are still active around these levels.
RSI Near Overbought Territory:
Technical indicators suggest that XRP may be overextended in the short term, raising the risk of a pullback without fresh catalysts.
Legal Uncertainty Lingers:
The judge’s rejection of the SEC-Ripple settlement proposal, while procedural, highlights that the legal process is still ongoing – and likely to influence market sentiment in either direction.
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Conclusion
XRP is regaining attention thanks to rising institutional interest and renewed legal optimism. The setup is promising, but key resistance levels and unresolved legal hurdles mean that volatility remains high.
Whether this is the start of a breakout or just a short-lived bounce, one thing is clear: XRP is back in focus.
