- XRP trades at $2.62 with a 22.4% monthly gain, but traders remain cautious.
- Polymarket predicts a 5% chance of XRP reaching $3.50 by the end of May.
- Despite skepticism, analysts forecast a breakout above $3.40 as CME prepares to launch XRP futures.
While XRP is consistently trading above $2.50, market commentators are speculating how high it could climb by the end of this month. On Polymarket, a decentralized prediction market, traders have weighed in on XRP’s potential to reach $3.50.
Notably, traders give the token just a 5% chance of hitting that level. The odds reflect skepticism despite recent developments in the XRP ecosystem.
Meanwhile, XRP has performed impressively in recent weeks. The token has surged by 3.4% in the past day, bringing its monthly gain to 22.4%. However, Polymarket traders remain doubtful that XRP will reach a new all-time high by the end of May, with 63% predicting it will stay at $2.80.
Bullish Crypto Analysts Project XRP Rally Above $3, Cite Technicals & History
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.
Related: ETH Tests Trendline; XRP Risk Score Low for $5-$8 Rally, ADA Eyes $1.15 Break
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.
Separately, trader Crypto Michael echoed this outlook. He pointed to a structural breakout from a long-term bull pennant and 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 Set to Launch XRP Futures
Meanwhile, the world’s leading derivatives exchange, CME Group, has announced it 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.
Related: Crypto Whale Sells XRP, ETH for $7.5M Profit, Still Bullish on Solana
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.
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