XRP DOGE/USD

XRP DOGE/USD traded higher in the early hours of Tuesday, despite a pullback from intraday highs.

Despite a slight pullback from intraday highs, XRP/USD continued its upward trajectory in the early hours of Tuesday, diverging from Bitcoin and Dogecoin, both of which saw a downturn.

After a 2.4% gain in the last 24 hours, XRP dipped from highs of $2.40, hit during Monday night's trading session.

However, the cryptocurrency recovered to reach $2.35, a level it had dipped below earlier in the day.

Meanwhile, the derivatives market for XRP also saw some activity, with Open Interest in XRP futures and options decreasing by 2.25%, according to data from Coinglass.

Additionally, over 75% of Binance traders who had open XRP positions were leveraged long, suggesting that the cryptocurrency could see further gains.

A cryptocurrency analyst known as Galaxy noted that XRP's current trajectory closely resembles the bullish breakout observed in 2017, which ultimately led to a 16x surge in Bitcoin from lows of around $400 to highs of over $6,900.

"The longer the consolidation, the bigger the price move they say. It should be good," Galaxy added.

Earlier this week, the Chicago Mercantile Exchange (CME) Group announced the launch of XRP and Micro XRP futures. These contracts will be cash-settled using the CME CF XRP-DOLLAR Reference Rate, with each standard contract representing 50,000 and 2,500 XRP respectively.

The first standard contract, sized at 50,000 XRP, will have a minimum price fluctuation of $12.50, while the micro contract, sized at 2,500 XRP, will have a minimum price fluctuation of $0.625.

Both types of contracts will be available for trading on the CME ClearMark platform, and the first futures contract is set to expire on June 15, 2024.

At the time of writing, XRP was trading at $2.35, indicating a 2.43% rise over the last 24 hours, according to Benzinga Pro.