Will XRP Futures debuts on Moscow Exchange spark a reversal?

The largest Russian capital market, the Moscow Exchange [MOEX], is in the news today after it expanded its cryptocurrency offerings. The exchange has launched four indices and settled Futures markets, including one for XRP. XRP index and Futures debut on Russia's Moscow Exchange More liquidity is flowing into crypto after MOEX activated trading of the four cryptocurrency indices. They include Ripple [XRP], Binance Coin [BNB], Solana [SOL], and TRON [TRX]. For XRP, the ticker is MOEXXRP, following previous listings of Bitcoin [BTC] and Ethereum [ETH]. The new XRP index will be tracking real-time data for Binance and Bybit. This meant that more capital might be entering XRP on the back of Russia's big capital market of $7.50 trillion. However, trading is only available to qualified professional traders so far. For instance - MOEX news, released on 04 May but officially launched 10 days later, drove XRP holder behavior. XRP large holders hit record levels Medium-to-large-sized holders who hold at least 10K XRP set a new record too. The number of their wallets surpassed 332,000. This pointed to how large players might be convinced of XRP going global. Whales, sharks, and institutions have all been accumulating XRP simultaneously. The XRP Ledger has been growing too, but the price action hasn't reflected that so far. This update coincided with Ripple's CEO reiterating the value of what Ripple offers, including cheap, fast, high-volume transactions. Price action approaches slanting trendline On the 4-hour timeframe, XRP seemed to be rising above a slanting trendline support since April. However, it formed a double top resistance level at around $1.50 at press time. This could be a challenge if XRP reverses to the upside. The price of XRP might be approaching this trendline support once again. The large accumulation and hike in liquidity could help trigger a reversal. The MACD bars were red, but very faint - Indicating seller exhaustion. The MACD and Signal lines are also nearing a crossover, suggesting potential reversal. However, the Chaikin Money Flow (CMF) was declining, before it started to reverse itself. At press time, the CMF reading was -0.05, but the graph was pointing north. In fact, the indicator seemed to be positioned at a previous reversal point. Still, traders should be wary of a breakdown below the slanting support level. That would invalidate the potential reversal anticipated. Final Summary XRP settled Futures market debuts on the Moscow Exchange as medium-large holders upped their accumulation.  A potential reversal can be expected, but traders should still be wary of XRP's price action