Ripple's XRP Rebounds to $2.14 as CME Boosts ETF Hopes

Ripple (XRP) Price Analysis: XRP Open Interest Holds Above $3B as CME Group Boosts ETF Approval Hopes

XRP price rebounded to $2.14 after an early Friday dip to $1.95, with open interest remaining above $3 billion, as CME Group’s Solana futures announcement boosts altcoin ETF optimism.

Ripple (XRP) experienced significant volatility this week, influenced by impending inflationary pressures from tariffs set to commence on March 1. Early Friday, XRP’s price dipped to $1.95 during European trading hours. However, the U.S. trading session brought renewed momentum following CME Group’s announcement to introduce Solana futures contracts on March 17, pending regulatory approval. This development has sparked optimism for altcoin ETFs, leading to increased buying interest in XRP and other altcoins with pending ETF applications.

As a result, Ripple price rebounded by 5% within the day, reaching $2.14 at press time. While Solana, the main subject of CME’s announcement, had its potential gains constrained by recent controversy surrounding Libra memecoin rug pull and impending 11.2 million SOL payouts from FTX Estate on March 1, investors have shifted focus to XRP, Hedera (HBAR), and Litecoin (LTC), all of which have ETF applications under review.

XRP swift rebound to $2.14 after testing a three-week low of $1.95 highlights a strong market intent to maintain the $2 support level. Trends observed within XRP’s derivatives markets on Friday further support this narrative. Coinglass‘ Open Interest data indicates that, despite a 24.4% price decline over the past five days—from $2.58 on Monday to $1.95 on Friday—XRP’s open interest only decreased by 19.3%, from $3.73 billion to $3.01 billion in the same period.

When prices decline at a quicker rate than Open Interest, it typically suggests that many bullish traders are opting to increase their margin requirements rather than liquidate their long positions. This behavior aligns with recent developments, as many XRP speculative traders appear to be holding out for a favorable ETF decision,