XRP Trades Higher Tuesday Morning—Will Crypto Repeat Bullish Breakout Of 2017?

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

What happened: The fourth-largest cryptocurrency by market capitalization spiked over 2% in the last 24 hours, outgaining market heavyweight Bitcoin BTC/USD and meme coin giant Dogecoin DOGE/USD

XRP tapped $2.40 Monday night but was soon met with resistance, causing it to dip back to $2.35.

The derivatives market also got heated, with Open Interest in XRP futures and options rising 2.25% in the last 24 hours, according to Coinglass. Additionally, over 75% of Binance traders with open XRP positions were leveraged long as of this writing, suggesting continued upside.

A widely followed cryptocurrency analyst, going by the pseudonym Galaxy, compared XRP’s current trajectory to the bullish breakout of 2017, which culminated in a 16x explosion.

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

The coin gained impetus following the launch of XRP and Micro XRP futures on the Chicago Mercantile Exchange. Per the CME Group, 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.

Price Action: At the time of writing, XRP was exchanging hands at $2.35, up 2.43% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has gained 13.5%.

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