XRP News Today: XRP Futures Launch on CME Drives $542 Million in Trading Volume

XRP futures have garnered significant attention on Wall Street following their launch on the CME Group platform. Since their introduction on May 19, both XRP futures and Micro XRP futures have experienced high demand from a diverse range of investors, including institutional players and retail traders.

On the launch day, the trading volume for XRP futures reached $19.3 million, involving 15 firms and four retail trading platforms. This broad participation underscores the strong interest in XRP futures, which are regulated tools for accessing one of the most closely watched cryptocurrencies.

Since their launch, XRP futures have accumulated a total trading volume of $542 million. Notably, 45% of this volume originated from outside North America, highlighting XRP's robust global presence. Additionally, the open interest in XRP futures has surged to $70.5 million.

The CME Group introduced XRP futures in April as part of its effort to expand its crypto derivatives offerings, which already include Bitcoin, Ethereum, and Solana. The XRP contracts are available in two sizes: standard (50,000 XRP) and micro (2,500 XRP). Both contract types are cash-settled and are based on the CME CF XRP-Dollar Reference Rate.

The launch of XRP futures is significant because the SEC has emphasized the importance of a regulated futures market for approving spot Bitcoin and Ethereum ETFs. With XRP futures now live under CFTC oversight, experts suggest that this development could pave the way for a spot XRP ETF in the future.

XRP is now considered a top contender alongside Solana and Litecoin for a spot ETF, with a 95% chance of approval. The launch of XRP futures by the CME is seen as clearing a key regulatory hurdle, making spot XRP ETFs a matter of time.

The recent momentum of XRP is attributed to Ripple's strategic moves, such as the acquisition of Hidden Road for $1.25 billion and the launch of RLUSD, a stablecoin that enhances XRP's utility, liquidity, and activity in the decentralized finance (DeFi) ecosystem.