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

XRP has garnered significant attention on Wall Street with the launch of its new futures contracts on the CME Group, which have attracted substantial interest from both large investors and regular traders. Since their introduction on May 19, both XRP futures and Micro XRP futures have seen a surge in demand.

On the launch day, the trading volume reached $19.3 million, involving 15 firms and four retail trading platforms. This broad participation underscores the strong demand for XRP futures, encompassing a wide range of participants from ETF issuers to everyday traders.

Since its inception, 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 has risen to $70.5 million.

The CME Group announced the launch of XRP futures in April as part of its effort to expand its crypto derivatives lineup, which already includes 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 based on the CME CF XRP-Dollar Reference Rate.

This development is significant because the SEC has previously emphasized the importance of a regulated futures market when considering the approval of spot Bitcoin and Ethereum ETFs. With XRP Futures now operational under CFTC oversight, experts suggest that this 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 crucial hurdle for a spot XRP ETF, making it a matter of time before such ETFs are approved.

The recent momentum of XRP is driven by 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.