XRP Futures Volume Soars Past $18 Billion on CME, Sparking Bullish Outlook
Demand for XRP on the CME derivatives exchange continues its remarkable surge, painting a bullish picture for the altcoin's future. Recent reports indicate an explosion in trading activity, with XRP futures reaching unprecedented milestones, highlighting growing institutional and retail interest.
CME XRP Futures Reach New Peaks
The CME Group recently announced significant achievements for its XRP futures, recording a notional trading volume of an astounding $18.3 billion. This surge involved the trading of 6 billion XRP and nearly 400,000 contracts, marking a four-month milestone. This robust performance on the derivatives exchange underscores a strong and sustained demand for XRP, a trend that could be further amplified by the potential approval of XRP Exchange-Traded Funds (ETFs). The CME is set to capitalize on this momentum by launching options trading on XRP futures on October 13, a move anticipated to further boost the altcoin's derivative market activity.
Looming ETF Approvals and Expert Predictions
The rising demand for XRP futures comes ahead of potential XRP ETF approvals, which are widely expected to ignite even greater institutional interest. The Securities and Exchange Commission's (SEC) recent approval of generic listing standards could expedite the launch of these ETFs. While several firms await approval, Grayscale's October 18 deadline for its XRP ETF filing is keenly watched, as the commission could potentially approve multiple funds simultaneously, mirroring the Bitcoin and Ethereum ETF approvals. Market experts are highly optimistic about the impact of these developments. Nate Geraci, a prominent market analyst, suggests that the market may be "severely underestimating" the demand for spot XRP ETFs, drawing parallels to the unexpected success of Bitcoin and Ethereum ETFs. Similarly, Canary Capital CEO Steven McClurg predicts that XRP ETFs could attract up to $5 billion in inflows within their first month, potentially even surpassing the performance of Ethereum ETFs. Despite recent market fluctuations, with XRP trading around $2.75, the foundational demand indicators from derivatives markets and expert forecasts signal a promising trajectory for the altcoin.
