XRP Price as Bullish Pattern Holds Ahead of May 13 Index Launch on Russia’s Top Exchange

XRP price has paused yet again at $1.40. But its failure to go past this price has not affected a bullish pattern that has been forming for weeks. Russia’s Moscow Exchange will also list an XRP index on May 13, and all eyes are on this date to see whether the price is going to react. And this is not all, because even in the futures market, volumes are going up.

Russia’s Top Exchange to Launch XRP Index

The Moscow Exchange will begin listing an index that will track how XRP price is moving. It will follow how the price moves on Binance, Bitget, Bybit, and OKX. The index is going to be listed on May 13, which is barely a week from today.

But XRP is not the only one benefiting at the Moscow Exchange because BNB, SOL, and TRX are also going to be indexed. Bitcoin and Ethereum already have their indices here. This launch is going to be very good for XRP value because there are more than 41 million people that have accounts here. Three million people out of the 41 million are not idle and trade here every month actively.

And all this is going on when XRP is getting much attention because of the CLARITY Act in the US that might also open doors for similar indices.

XRP Price Holds Bullish Pattern

CoinGape’s recent XRP price analysis observed that there is a W pattern on the daily showing that the journey upwards is just starting. At the time of this analysis, XRP was going down, but it has now confirmed it by tipping north again to show that the third bottom is in.

The PoC line is very crucial for where the XRP price is today. The bearish volume profile bars show a lot of selling happened at $1.38, and this explains why XRP seems stuck around this price. But now, it is above it, with two candles, indicating that those selling might be on the sidelines.

The RSI is also in a better position because it is going up. It is still at 53, but if it continues to go up like it has been doing, it will only show that the ground is shifting for those who are buying and getting to $1.78 could happen soon.

But $1.38 is an important support to watch because if it goes below here again and even closes for three days below it, this will be a sign that those selling have a better grip than bulls.

Futures Volumes Surge

Coinglass shows something interesting going on with XRP price and this is that futures volumes are rising. They have increased by 55% to $3.71 billion, where they are currently at their highest since mid-April.

But open interest is not following the same trend because, since falling from $4.55 billion in January, it has remained at $1.38 billion. It shows there is not a lot of speculation about where this is going.

As for the long/short ratio, a lot of positions are those that expect the XRP price will go down. This ratio is at 0.95, which is bearish, but there is a chance it might rebound if news like the Moscow exchange XRP index and CLARITY dominate narratives.