XRP Price Prediction as CME Launches 24/7 XRP Futures Trading on May 29

XRP price remains stuck in a bearish trend after dropping by 2.9% in seven days to trade at $1.35 at the time of writing. XRP could escape this bearish momentum ahead of the launch of 24/7 crypto futures at the CME on May 29, which could boost institutional demand. Technical analysis suggests that the price might reach $1.58 after this launch.

CME to Launch 24/7 XRP Futures Trading on May 29

CME released a statement in February saying that crypto futures and options are going to be available on the platform 24 hours a day and seven days a week. It is doing this will ensure that institutions can keep up with the crypto market even when the traditional financial market is not open.

This 24/7 trading launch is also going to remove the CME gap that is created when the market is closed on Friday at a particular price and then opens on Monday at a different price. XRP value and other cryptos usually move towards this Friday’s price on Monday.

XRP will likely go up because of this 24/7 futures launch, as it went up by 5.8% when the CME first announced the plan in February. The price went from $1.38 to $1.46 two days after the CME released its statement on February 19.

The CME will also add XRP to the NASDAQ Crypto Index on June 8, and that will also make more people get access to it and drive the demand up.

XRP Price Eyes 16% Rally Amid Bullish Pattern Formation

XRP price is trying to get out of a falling channel, and it is testing the resistance at $1.35 that will cause gains if it can move past it. The falling channel showed that bears have been in charge since May 15, but bulls are now attempting to get a good grip.

The price needs to go past $1.35 and then come back down to test it as support and hold before there is another bullish leg. The price will get to the 1.68% Fib level of $1.58 if it can go past $1.35.

The RSI reading of 51 is showing that bulls pushed XRP to the upper line of the channel after making higher lows. The RSI reading needs several higher highs above 51 for a bullish momentum to push XRP price to $1.58.

The MFI reading of 69 is also making it possible for XRP to reach $1.58 because it shows there was capital going towards Ripple. The CME will be the catalyst that creates this 16% gain for XRP as long as the MFI reading keeps moving up.

Long/Short Ratio Shows Bearish Positioning Ahead of CME Launch

The long/short ratio for XRP has a reading of 0.85 on Coinglass. It has been below 1 since May 3, and that means people have been betting that the price is going to continue dropping even with the 24/7 XRP futures launch on sight.

But many people being bearish might be good for the price of XRP when the price moves up unexpectedly and causes these short sellers to panic and close their positions. That might make XRP move to $1.58, just like the rising channel shows.