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.
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.
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.
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.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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