XRP Leads Crypto Rebound, Outperforming Bitcoin Before The Weekend 'CME Gap' Gets Eliminated

• XRP led gains among cryptocurrency majors on Friday morning, while Bitcoin lagged behind.
• The CME Group is slated to launched 24/7 trading for its entire suite of cryptocurrency products, which includes futures and options tied to Bitcoin, Ethereum, Solana, XRP, Avalanche and others. 
• Three major CME gaps remain open, including two above Bitcoin’s current price near $78,500 and $80,000.

Ripple’s XRP (XRP) outperformed Bitcoin (BTC) in morning trade on Friday ahead of CME Group’s (CME) launch of 24/7 trading for its cryptocurrency futures suite, a move that effectively brings an end to the closely watched 'CME gap' trade.

After Friday’s market close, CME cryptocurrency futures and options will trade around the clock on Globex, with only a two-hour maintenance window each Saturday. The shift eliminates the traditional weekend shutdown that for years created price gaps between CME futures and Bitcoin’s continuously traded spot market.

XRP Leads While Bitcoin Lags

Bitcoin’s price edged 0.2% lower in the last 24 hours to around $73,200, while XRP’s price led gains among the top 10 cryptocurrencies by market capitalization, rising 1.8% to capture $1.30. 

Retail sentiment around BTC on Stocktwits improved to ‘bearish’ from ‘extremely bearish’ over the past day, and chatter rose to ‘high’ from ‘normal’ levels. Meanwhile, XRP was among the top trending cryptocurrencies on the platform. However, retail sentiment around it remained in ‘bearish’ territory over the past day, alongside ‘normal’ levels of chatter. 

Both are a part of CME Group’s suite of cryptocurrency products, which also includes Ethereum (ETH), Solana (SOL), Avalanche (AVAX), Cardano (ADA), Chainlink (LINK), Stellar (XLM) and Sui (SUI). Retail traders on Stocktwits were looking forward to the weekend’s price action.

Some expressed their frustration against XRP for not being able to break past the $2 level.

Ethereum and Solana also outperformed Bitcoin on Friday morning. Ethereum’s price gained 0.3% in the last 24 hours, unable to hold above $2000, while Solana’s price gained 0.4% to trade at over $81. Both saw retail sentiment trending in ‘bearish’ territory over the past day. Ethereum saw chatter at ‘high’ levels, while Solana’s message volume remained at ‘normal’ levels.

Crypto Traders Say Goodbye To The 'CME Gap'

‘CME Gaps’ have been one of crypto’s most closely watched trading signals, with many traders betting prices would eventually move back to fill them. Weekend price swings have often intensified to account for their effect, as thin liquidity pushed Bitcoin away from Friday’s closing levels before futures reopened on Sunday.

Three major CME gaps remain open today, including two above Bitcoin’s current price near $73,000 at around $78,500 and $80,000, and one below the market just under $70,000. Offshore perpetual futures and ETF options are still likely to dominate crypto trading volumes, but CME’s move removes one of the market’s longest-running structural quirks.

The overall cryptocurrency market traded flat at around $2.5 trillion. CoinGlass data showed liquidations has simmered from Thursday’s bloodbath of nearly $1 billion to around $226 million in the last 24 hours. 

Read also: Stellar’s XLM Hits 4-Month High After DTCC Picks Blockchain For Tokenized Stocks, ETFs, Treasuries

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