XRP Futures Hit $542M in Volume on CME, 45% from Outside the U.S.

XRP is grabbing attention on Wall Street as its new futures contracts on CME Group attract strong interest. Since launching on May 19, both XRP futures and Micro XRP futures have seen high demand from big investors and regular traders alike.

In its latest report, the CME Group revealed that on the launch day alone, its trading volume hit $19.3 million across 15 firms and four retail trading platforms. From ETF issuers to everyday traders, the wide participation shows the robust demand for XRP futures.

Open Interest Climbs to $70.5M

Since its launch, XRP futures have recorded $542 million in total trading volume. 45% of its volume was outside of North America, which shows XRP’s strong global presence. Open interest has also climbed to $70.5 million.

The CME Group announced its XRP futures in April to expand its crypto derivatives lineup, which already includes Bitcoin, Ethereum, and Solana. The XRP contracts come in two sizes, standard (50,000 XRP) and micro (2,500 XRP). Both are cash-settled and based on the CME CF XRP-Dollar Reference Rate.

Spot XRP ETF Next?

This is important because the SEC has previously stressed the need for a regulated futures market when approving spot Bitcoin and Ethereum ETFs. With XRP Futures now live under CFTC oversight, experts say that this could eventually make way for a spot XRP ETF. 

XRP is now a top candidate alongside Solana and Litecoin for a spot ETF, with a 95% chance of approval. Experts believe that CME’s launch of XRP futures clears a key hurdle for a spot XRP ETF, and spot XRP ETFs are only a matter of time.

CME also said that XRP’s recent momentum is driven by Ripple’s big moves, like buying Hidden Road for $1.25B and launching RLUSD, a stablecoin that is boosting XRP’s use, liquidity, and activity in DeFi.