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XRP Futures Volume on the CME Hit a Record $235M
The CME's nascent XRP futures market is growing fast as sophisticated investors gravitate to the payments-focused cryptocurrency.
Together, the standard and micro futures registered a total trading volume of $235 million on Friday, the highest on record. The tally takes the cumulative trading since inception on May 19 to $1.6 billion, according to data source CME Active Trader.
"The record underscores the rapidly growing demand in our new XRP futures suite," Active Trader said on X.
The CME is a preferred venue for institutions seeking to gain exposure to digital assets through regulated derivatives while avoiding direct ownership of the token. CME's futures tied to bitcoin and ether are widely considered a proxy for institutional activity.
XRP News: XRP Hits 6-Month High as Open Interest Reaches Records
XRP surged to 3.05, marking a 5.1% daily gain and hitting its highest level in six months.
XRP News: XRP surged to 3.05, marking a 5.1% daily gain and hitting its highest level in six months.
Notional open interest for XRP perpetual futures surpassed 8.8 billion, breaking previous records.
The milestone exceeded the previous peak of 8.3 billion set in late January before Trump’s inauguration.
Bitget and Binance controlled the largest leveraged positions at 1.94 billion and 1.48 billion, respectively.
Positive funding rates across most venues indicated bullish sentiment as traders paid premiums for long exposure.
XRP has gained 420% over the past year, reaching as high as 3.31 within that timeframe.
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XRP News Today: XRP Whales Position Ahead of July 14 ETF Ruling
XRP whales, large holders of the cryptocurrency, are strategically positioning themselves ahead of a pivotal ruling on Exchange-Traded Funds (ETFs) involving XRP. The first decision is anticipated on July 14, when ProShares plans to launch three XRP futures ETFs. This move is significant as it could potentially influence the market dynamics of XRP, given the regulatory scrutiny and market interest surrounding cryptocurrency ETFs. Turtle Capital is also preparing to introduce a leveraged XRP ETF, adding to the growing list of financial instruments tied to XRP.
The anticipation surrounding the ETF ruling is not just limited to the launch of new financial products. XRP is considered the first choice for moving tokenized assets like bonds and stocks across borders due to its fast and low-cost transaction capabilities. This positions XRP as a key player in the global financial landscape, particularly in the context of cross-border transactions and asset tokenization.
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