Despite Polymarket's Skepticism, Crypto Analyst Projects XRP Rally Above $3, Citing Technicals & History

While XRP is consistently trading above $2.50, market commentators are speculating how high it could climb by the end of this month.

While XRP has consistently traded above the $2.50 mark, market commentators are speculating how high it could climb by the month’s end.

On Polymarket, traders have priced in the probability of XRP hitting $3.50 by May 31, and the token has a 5% to win on the market. Notably, traders give the token just a 5% chance of hitting that level. The odds reflect skepticism despite recent developments in the XRP ecosystem.

At press time, XRP is juggling a slight loss of 0.38% over the past 24 hours, trading at around $2.53.

The token has performed impressively in recent weeks, surging by 3.4% to bring its monthly gains to 22.4%. However, Polymarket traders remain doubtful that XRP will reach a new all-time high by May 31, with 63% predicting it will stay at $2.80.

Bankless founder, and prominent crypto analyst, predicts XRP to rise past $3.40

Despite Polymarket traders’ skepticism, prominent crypto analysts remain confident about XRP’s potential for a breakout.

Crypto founder Vandell Aljarrah recently recalled predicting the token’s rise from $0.45 to nearly $2 late last year and a subsequent surge to $3.39 in January.

Now, he forecasts another rally past $3.40, an increase of 31.7% from current levels. Aljarrah claims data supports his projection, though he hasn’t shared specific indicators.

> Still calling for $3.30+ on XRP by May 31st.

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> Last year, I predicted XRP to rise from $0.45 to nearly $2, and it did.

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> Then, I predicted a surge to $3.39, which it hit in January.

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> My predictions are informed by deep technical analysis and market observations.

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> Let's see what unfolds!

Pointing to a structural breakout from a long-term bull pennant, trader Crypto Michael predicted a second parabolic rally toward $3 and beyond.

Recalling his accurate call on XRP’s breakout from the $0.50 level, Michael warned that those doubting his current prediction do so at their own risk.

Optimism grows as CME Group to launch XRP futures

Meanwhile, the world’s leading derivatives exchange, CME Group, will launch XRP futures contracts on May 19. The move follows CME’s introduction of Solana futures earlier this year.

The CME product adds to a growing list of regulated XRP futures in the U.S. In March, Bitnomial launched the country’s first CFTC-approved XRP futures. Coinbase followed with its own XRP futures contracts in April.

In addition to futures products, 11 asset managers, including Franklin Templeton and Grayscale, have filed for spot XRP ETFs. Though the SEC has approved multiple leveraged XRP ETFs, no spot ETFs have yet been greenlit.

Bloomberg analyst James Seyffart notes that the final SEC decision deadline for the current round of applications is October.

Despite growing institutional interest, Polymarket traders remain cautious about XRP’s potential.