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The Chicago Mercantile Exchange (CME), the world’s leading exchange for futures and options markets, recently added pages for XRP and SOL futures to their website. The pages indicated a planned launch date of February 10, pending regulatory review.
CME has a history of pioneering crypto futures products. Their BTC futures debuted in December 2017, coinciding with that cycle's market peak. ETH futures followed in February 2021, launched during the bull run. Both products were milestones, representing the first of their kind in the crypto futures space.
However, the newly added page promoting XRP and SOL futures have since been removed. The contents of the deleted page can be found here.
With a more crypto-friendly administration and a dedicated task force within the SEC, we can expect an uptick in the launch of regulated crypto products. It stands to reason that XRP and Solana, two of the largest cryptocurrencies by market cap, would be next in line to receive futures markets and potentially ETFs.
As noted yesterday, several ETF filings for both XRP and SOL are currently in progress. These filings, combined with a favourable regulatory environment, could pave the way for these products to be approved soon.
The potential launch of futures and ETFs is undeniably bullish for Solana and Ripple. At the time of writing, SOL is up 3%, while XRP is holding steady. This is particularly notable on a day when the broader crypto market is in the red, with BTC down 2% and ETH down 2.7%.
The approval of ETFs has historically had a positive impact on crypto prices, as seen with both Bitcoin and Ethereum. With SOL and XRP trading near their all-time highs, the momentum generated by these developments could propel them past previous records, unlocking significant upside potential.
Stormrake Spotlight: Trump (TRUMP) ($37.41)
Stormrake Spotlight: Trump (TRUMP) ($37.41)
Donald Trump’s meme coin, TRUMP, saw a sharp drop of 30% in just three minutes yesterday, falling to a low of $31.72 following the President’s statement: "I don't know much about it other than I launched it, I heard it was very successful. I haven't checked." Given its correlation with President Trump’s public actions and comments, TRUMP remains highly volatile. Market participants should be prepared for further fluctuations, as sentiment-driven moves dominate its price action.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin failed to create a higher high yesterday, which was crucial to sustaining bullish momentum. Instead, BTC has formed a symmetrical triangle pattern. As BTC approaches the triangle’s apex, a breakout appears imminent; an upward breakout could see BTC attempt a new all-time high, while a downward breakout may result in a retest of the $100,000 support level.
BTC Total ETF Flows for 22 Jan: $ - 82.6 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has broken to the downside of its symmetrical triangle and is now trading lower. It appears poised to retest the key level at $3,207. The breakdown has also pushed ETH below all major moving averages, confirming bearish momentum within a declining structure.
ETH Total ETF Flows for 22 Jan: $ - 17.4 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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