XRP is currently on a sideways or muted price action. This sideways price action suggests a potential breakout that a single catalyst might trigger. The catalyst we are discussing is the regulated futures trading approval in the Chicago Mercantile Exchange Group.
The news of this approval came at the beginning of the week on Monday, May 19th. XRP has been active in a range-bound movement for an elongated period, where the token oscillates between $2.32 and $2.62 markers.
The token is steady at around the $2.37 marker at press time. According to the on-chain metrics, it has shown a 0.7% surge in the last 24 hours. Furthermore, its trading volume has grown by 46.8% and is currently standing at $3.2 billion. All of this suggests institutional interest in the token.
XRP Price Action Can Be Trusted?
Even though the token’s metrics suggest that it is heavily attracting institutional investors, there is a clear departure when it comes to open interest. According to the data, open interest for the token dropped by 0.26%. Then again, the derivative value has managed to spike by 48%.
Therefore, the market is quite chaotic regarding XRP price action and movement. This can certainly put off investors. Thus, approach the situation with caution and clarity. Do not trust the numbers blindly, as the market could throw anything at you.
