XRP continues to make headlines as it reaches impressive new heights on the CME derivatives exchange, marking a significant milestone in the evolving landscape of cryptocurrency. This growth coincides with the total open interest (OI) for crypto futures products on the exchange exceeding $30 billion for the very first time.
XRP Sets a New Benchmark with $1 Billion Open Interest
According to a recent announcement by CME Group, XRP futures have achieved an open interest surpassing $1 billion, making it the quickest contract in history to reach this figure, accomplishing this feat in just over three months. The CME highlighted that this surge illustrates a growing maturity in the market, indicating robust new investment inflows.
Notably, Bitcoin and Ethereum also contribute significantly to the market, holding open interests of over $16 billion and approximately $10.5 billion, respectively. The recent uptick in XRP and SOL both crossing the $1 billion mark shows a noteworthy appetite for these alternative cryptocurrencies.
Market analyst Nate Geraci, President of NovaDius Wealth, expressed that the interest in XRP futures may be indicative of a larger trend towards spot XRP Exchange Traded Funds (ETFs). He believes that this burgeoning interest suggests that substantial inflows could be expected into the spot funds contingent on SEC approvals.
Geraci further noted that the current landscape includes more than $800 million tied to futures-based XRP ETFs. This, he argues, reinforces the likelihood of demand for the spot ETFs. The SEC is anticipated to render decisions on these applications by October, coinciding with possible rule change approvals necessary for their listing. Recently, XRP ETF issuers have updated their S-1 forms, which Geraci interprets as positive signals for impending approval.
Strong Expectations for XRP Funds by Legal Experts
In line with these developments, cryptocurrency lawyer John Deaton has also shared optimistic predictions regarding the anticipated demand for spot XRP funds when they are introduced. He draws a correlation between the popularity of the upcoming XRP card by Gemini and the growing number of XRP holders driving app downloads.
Deaton’s insights emphasize that the substantial influence of XRP holders played a key role in the app downloads steadily increasing, allowing Gemini to outperform Coinbase in recent trends. He highlighted that around 75,000 XRP holders from 143 different countries participated as amici curiae in the Ripple case, reinforcing the collective power this community wields.
As of now, XRP is trading at approximately $3, reflecting a 5% increase in the past 24 hours according to CoinMarketCap.
