Recent events in the cryptocurrency market have drawn attention to XRP, particularly after significant outflows from Binance and rising futures volumes on CME.
XRP Withdrawals from Binance
Between June 15 and 17, over 700 million XRP were withdrawn from Binance, slashing reserves by over 80%. This dramatic reduction has raised questions about XRP's liquidity. As a result, XRP's reserves on Binance fell from 2.8 billion to 0.5 billion tokens within just 48 hours. Previously, reserves had remained relatively stable, ranging from 2.8 to 3.2 billion tokens.
Growth of XRP Futures on CME
XRP's growing institutional relevance is also reflected in its expanding derivatives market. XRP futures on CME surpassed $542 million in volume just one month after launch on May 19. Notably, approximately 45% of this trading activity originated from markets outside the U.S., indicating a global interest in regulated cryptocurrency assets.
XRP Market Shows Resilience and Positive Trends
As of June 24, XRP traded at $2.20 with a 5.41% gain over 24 hours. XRP's market cap hit $129.69 billion, with significant activity from both retail and institutional investors. According to community sentiment, 88% of votes are bullish, indicating confidence in XRP's potential.
Overall, the recent outflows from Binance and the growth in trading futures signal a changing market structure for XRP, enhancing its significance and liquidity for the future.
