The near-term outlook for the XRP payments-focused cryptocurrency appears bleak as traditional financial giants appear uninterested in looking beyond BTC and ETH, while price action indicates signs of rally fatigue.
On Wednesday, the Chicago Mercantile Exchange (CME) denied its plans to list futures linked to Solana’s XRP and Sol Token. This quick refusal likely indicates that institutions are not yet ready to venture into tokens other than bitcoin and ether or potential regulatory hurdles. The CME is the preferred place for institutions to trade futures and options linked to BTC and ETH.
The CME’s denial, at least for now, may be particularly worrying for XRP as it undermines the optimism surrounding XRP’s prospects under President Donald Trump. XRP surged to $3.4 earlier this month after Ripple CEO Brad Garlinghouse met Trump, spurring hopes of positive developments that could accelerate institutional adoption. Analysts had seen the meeting as a bullish sign for XRP. Ripple primarily uses XRP as a digital currency to facilitate cross-border payments and remittances.
rally fatigue
As the price of indicating a bearish divergence.
This divergence signals weakening bullish momentum and increases the potential for a price drop. Additionally, the MACD histogram, a tool used to identify resistance and trend reversals, supports this view by printing lower highs above the zero line.
XRP changed hands at $3.05, representing a 4% drop over 24 hours, according to data from CoinDesk. Altcoins, in general, are volatile and tend to follow BTC. Therefore, a rally in BTC could lift XRP above its recent high, invalidating the bearish chart signals.
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