XRP traders displayed resilience on Friday, maintaining long positions despite a decline below the critical $2 support level. This reluctance ensured that XRP’s open interest remained above $3 billion.
With bullish sentiment persisting, XRP rebounded from a low of $1.94 on Friday, climbing back above $2 to trade at $2.18 by the time of writing. This recent price movement has increased investor confidence, leading to optimism among XRP users and suggesting that the recent drop may be only a temporary setback.
CME Group and Solana Futures
In related news, CME Group announced plans to launch a Solana futures contract on March 17, pending regulatory approval. This announcement rekindled ETF optimism among crypto users, especially those interested in multiple altcoins awaiting ETF approvals from the SEC, including pending XRP ETFs. Consequently, buying interest in XRP and other cryptocurrencies with pending ETF applications has increased.
On Friday, XRP saw a rebound of nearly 14% during the US trading session, while Solana (SOL) surged about 20%, rising from a low of $125.36 to $151.10 early Saturday morning.
However, SOL has faced ongoing bearish pressure due to the recent controversy surrounding the Libra meme coin rugpull and the anticipated 11.2 million SOL payouts from the FTX Estate.
ETF Speculation Drives Interest
Despite widespread uncertainty in the crypto market, significant interest in XRP, HBAR, and Litecoin has been noted. Analysts suggest that this increasing interest is linked to their pending ETF applications, which many believe the SEC is likely to approve. Crypto enthusiasts expect these products to facilitate greater adoption of digital assets by attracting institutional investors, similar to the effects observed with Bitcoin following the January 2024 spot ETF approval.
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