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XRP Price Braces For Rebound As BitMEX Teases Market-Moving Announcement

After a dour week, XRP price is eyeing a rebound on the backs of BitMEX market-moving teaser, positive technicals and a futures ETF launch.
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XRP Price Braces For Rebound As BitMEX Teases Market-Moving Announcement

Highlights

  • XRP price is lacing its boot for a trend reversal to reclaim previous losses.
  • On-chain indicators and a potential futures ETF listing on Monday is powering positive sentiments.
  • XRP is picking its way back up after a string of stumbling blocks in its long-running SEC case.

XRP has its sights on recovering its losses over the last week, with investors’ enthusiasm reaching a fervent pitch. Amid the belief for a near-term correction, cryptocurrency exchange BitMEX has ignited a further wave of optimism for a higher XRP price.

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XRP Price Targets Correction As BitMEX Teases Major Announcement

After a string of languid price performance over the last week, XRP is ready to reclaim previous losses, buoyed by a raft of positives. With its upcoming market-moving announcement, the biggest tailwind behind the XRP price impending correction is cryptocurrency exchange BitMEX.

In an X post, BitMEX teased a Ripple announcement expected to have far-reaching effects on the cryptocurrency markets. Details of the announcement are still under wraps, but investors are bracing for the impact of the big reveal on XRP price.

“Keep your eyes peeled,” said BitMEX on X, tagging Ripple to the post. “We have some news that’s definitely gonna have a ripple effect on the market.”

There is rising speculation that the big announcement is a possible BitMEX-Ripple deal for settlement or exchange support for XRPL tokens. Investors have their eyes peeled on the announcement as XRP open interest declines to $5.5 billion.

However, technicals reveal that the XRP price is poised for a short-term correction after key indicators flash the tell-tale signs. According to Ali Charts in an X post, XRP is showing classic signs of a rebound via the TD Sequential indicator. A look at the charts confirms a potential trend reversal in the short term for XRP price.

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Traders Take Position For CME Futures Listing On Monday

XRP traders are angling for positions ahead of Monday’s CME futures listing event. On Monday, XRP futures ETF will launch despite the SEC delays in approving a spot ETF for Ripple.

With the futures listing only hours away, investors are expressing belief that the launch will trigger a seismic rally for the XRP price. The launch will contribute to XRP’s liquidity while serving as a further push to convince the SEC to approve the wave of spot ETFs on its desk. A cross-section of X users are eyeing an XRP price rally from RLUSD inflows if the GENIUS Act passes.

XRP suffered a rough patch during the week after the court rejected a joint motion in the SEC case. Following the rejection, XRP price tumbled by over 5%, but CoinMarketCap community sentiment for XRP is pegged at 88% while bearishness stands at 12%.

At the moment, XRP is trading at $2.35, rising by nearly 1% on the 24-hour charts. Weekly charts reveal a decline of nearly 2% for XRP price, but a reversal buoyed by the CME futures listing and BitMEX announcement can send prices over $3 in the short term.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he's not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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