Can XRP Price Break $2.35 Resistance as CME Futures Daily Volume Hits ATH?

Highlights

XRP price targets the $2.65 monthy high as technical indicators show weakening bearish momentum.
However, for XRP to extend gains, it needs to defend the support zone between $2.29 and $2.32.
XRP futures daily volumes at the CME have also surged to an all-time high with 189 traded contracts on May 27.

XRP futures volumes on the CME exchange have soared to an all-time high after launching on May 19. The surging volumes coincide with a bullish outlook for XRP price, which trades at $2.30 with an intraday loss of 2%. But is this tailwind enough for XRP bulls to break $2.35 resistance?

XRP Price Prediction as Bullish Signs Emerge

At press time, XRP is the third most-traded crypto with $2 billion in trading volumes according to CoinMarketCap. These volumes are set to increase as the four-hour chart shows that XRP price is approaching a crucial zone where buy-side and sell-side volumes were previously high.

The volume profile bars show that at the $2.35 price, which is also the Point of Control (PoC), XRP will face crucial resistance. However, if XRP can surge above this level, it will flip the market structure to bullish, paving the way for more gains.

The AO histogram bars further indicate that now may be the time to buy XRP as they turn green despite remaining on the negative side. This setup indicates that the bearish momentum that has been preventing an XRP price breakout above $2.30 is weakening.

XRP Price Prediction as CME Futures Daily Volume Hits ATH — XRP/USDT: 4-Hour Chart

Key Levels to Watch

The key level to watch in XRP’s price prediction is the support zone in which Ripple currently trades. This support zone ranges between $2.29 and $2.32, which XRP has defended for more than three weeks.

This support zone will likely hold, as technical indicators lean towards a bullish price forecast. Hence, if buyers start accumulating here, the XRP price will surge to overcome the $2.35 resistance. If it overcomes this hurdle, the next level to watch is $2.47.

A longer-term forecast for XRP shows that the anticipated launch of XRP ETF could propel the token to $10 or higher.

The descending trendline also presents a major resistance level as XRP makes a series of lower lows. If Ripple can overcome this crucial resistance, $2.47 will not be the only target price, as creating a higher high above this trendline may spark a bull run to $2.65.

CME Futures Daily Volumes Hit ATH

CME’s XRP futures daily trading volumes have surged to an all-time high after launching barely two weeks ago. On May 27, 189 XRP futures contracts were traded, which was three times higher than the trading day. Open interest has also surged to a record high of 199 contracts. Each contract is worth 50,000 tokens, making yesterday’s trading volume a little over $22 million.

CME launched XRP futures on May 19, and as Coingape reported, the product outperformed Ethereum on its launch day. As the product continues to amass interest, it is bound to drive gains for the XRP price.

Therefore, as XRP price defends the crucial support zone between the $2.29 and $2.32 price on the four-hour chart and the bearish momentum weakens, Ripple may soon surge and overcome the $2.35 resistance and reach $2.65. The rally may be driven by increased speculative interest towards XRP as CME’s XRP futures reach record high volumes.

Frequently Asked Questions (FAQs)

1. What is the XRP price prediction today, May 28?

The XRP price prediction today, May 28, is bullish. The AO histogram bars show that the bearish momentum is growing weak, while the volume profile bars indicate Ripple is approaching a key resistance level.

2. What is the most crucial support and resistance level for the XRP price?

The most crucial support level for XRP price is the zone between $2.29 and $2.32. Meanwhile, crucial resistance lies at $2.35.

3. Are XRP futures products on CME amassing interest?

XRP futures products listed at the CME have surged to an all-time high, with 189 traded contracts on May 27. This highlights high retail interest.

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.

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