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XRP Futures explode on CME: 45% volume comes from investors outside America
Ripple (XRP) is attracting strong interest from Wall Street as new futures contracts for this coin on CME Group receive significant attention. Since its launch on May 19, both standard and micro XRP futures contracts have recorded high demand from institutional investors and retail traders.
In the latest report, CME Group stated that on the launch day alone, the trading volume reached 19.3 million dollars, executed by 15 financial institutions and 4 trading platforms for individuals. From ETF issuers to everyday traders, the broad level of participation reflects a strong demand for this altcoin's futures contracts.
Since its launch, the XRP futures contract has recorded a trading volume of up to 542 million dollars. Notably, 45% of that comes from outside the North American region, indicating the increasing global appeal of XRP. Open interest (OI) has also risen to 70.5 million dollars, reflecting deep market interest.
CME Group announced the launch of XRP futures contracts in April as part of its plan to expand its cryptocurrency derivatives product portfolio, which already included Bitcoin, Ethereum (ETH), and Solana (SOL). XRP contracts are issued in two forms: standard (50.000 XRP) and micro (2.500 XRP). Both are cash-settled and based on the CME CF XRP-Dollar reference index.
This information is particularly important because the SEC has previously emphasized the necessity of a regulated futures market when considering the approval of spot Bitcoin and Ethereum ETFs. Now that XRP futures have officially been launched under the supervision of the CFTC, many experts believe that this could be a crucial stepping stone paving the way for a spot XRP ETF in the future.
Currently, this altcoin is considered a top candidate for a spot ETF, along with Solana and Litecoin, with the approval probability assessed by experts at up to 95%. The launch of Ripple futures contracts by CME is believed to have overcome a major hurdle, and the spot ETF is now just a matter of time.
Additionally, CME also noted that the recent rise of XRP was driven by significant strategic moves from Ripple, including the acquisition of Hidden Road for $1.25 billion and the launch of the RLUSD stablecoin, which enhances the utility, liquidity, and activity of XRP in the DeFi space.
Minh Anh