The XRP futures contracts launched by CME Group are attracting attention from both institutional and retail traders, setting new records in the financial market.
Increased Interest in XRP Futures
XRP futures were launched on May 19 and have since shown high interest from various investors. On the first day alone, trading volume reached $19.3 million across 15 firms and four retail trading platforms.
Rising Trading Volume and Open Interest
Since the start of the trading period, the total trading volume for XRP futures has reached $542 million. Notably, 45% of this volume was recorded outside of North America, highlighting XRP's strong global presence. Open interest for XRP contracts has climbed to $70.5 million.
Potential for XRP ETF
Given that the SEC has previously emphasized the importance of a regulated futures market for approving spot ETFs for Bitcoin and Ethereum, experts suggest that the launch of XRP futures may pave the way for a spot XRP ETF. XRP is being viewed as a leading candidate for approval alongside Solana and Litecoin.
The launch of XRP futures contracts on CME is a significant step for the cryptocurrency market and may lay the foundation for future spot ETFs, underscoring the growing interest in XRP among investors.
