XRP News Today: XRP Surges 22.4% In A Month, But Traders Skeptical Of $3.50 Target

XRP, the cryptocurrency, is currently trading at $2.62, marking a 22.4% increase over the past month. Despite this impressive performance, traders on Polymarket, a decentralized prediction market, are skeptical about the token's potential to reach $3.50 by the end of May. According to Polymarket, there is only a 5% chance that XRP will hit this target. This skepticism is evident as 63% of traders predict that XRP will remain around $2.80 by the end of the month.

The cautious outlook from Polymarket traders contrasts with the bullish sentiments expressed by some crypto analysts. Vandell Aljarrah, a prominent crypto founder, has previously accurately predicted XRP's rise from $0.45 to nearly $2 late last year and a subsequent surge to $3.39 in January. Aljarrah now forecasts another rally past $3.40, an increase of 31.7% from current levels. He claims that data supports his projection, although specific indicators have not been shared. Similarly, trader Crypto Michael predicts a second parabolic rally toward $3 and beyond, citing a structural breakout from a long-term bull pennant. Michael warns that those doubting his current prediction do so at their own risk.

Adding to the optimism surrounding XRP is the upcoming launch of XRP futures contracts by the CME Group on May 19. This move follows the introduction of Solana futures earlier this year and adds to the growing list of regulated XRP futures in the U.S. In March, Bitnomial launched the country’s first CFTC-approved XRP futures, and Coinbase followed with its own XRP futures contracts in April. Additionally, 11 asset managers, including Franklin Templeton and Grayscale, have filed for spot XRP ETFs, although no spot ETFs have yet been approved by the SEC. The final decision deadline for the current round of applications is October.

Despite the growing institutional interest and bullish predictions from some analysts, Polymarket traders remain cautious about XRP's potential. This divergence in opinions highlights the uncertainty and volatility within the cryptocurrency market, where predictions can vary widely based on different analyses and market conditions. The skepticism from Polymarket traders suggests that while there is potential for growth, the market is not yet convinced that XRP will reach the $3.50 mark by the end of May. The upcoming launch of XRP futures contracts by the CME Group and the filing of spot XRP ETFs by asset managers indicate a growing institutional interest in the cryptocurrency, which could potentially drive its price higher. However, the cautious outlook from Polymarket traders serves as a reminder of the inherent risks and uncertainties in the cryptocurrency market.