The debut of CME Group’s XRP Futures ETF has sparked a wave of interest in the asset, with volumes exceeding expectations and outperforming Ethereum Futures ETFs. This recent surge in institutional support has fueled optimism regarding future spot XRP ETF approvals, even as legal challenges face the process. 💰🚀 📈
CME Group launched its Ripple [XRP] Futures ETF on May 19th, drawing significant interest from institutions. The exchange saw a robust daily trading volume of nearly $6 million during its first day, signaling success in this new market space.
Further fueling this momentum, XRP ETFs have already outperformed ETH Futures ETFs in performance. If this trend continues, Ripple could potentially challenge the dominance of Bitcoin [BTC] Futures ETFs, which regularly record volumes in the billions. This impressive early success strengthens the case for future spot ETF approvals. 📈🚀
Prices are soaring alongside this institutional interest, with XRP jumping 1.33% to $2.33 and Open Interest surging to $4.69 billion at press time. 💪
The launch day trading data from CME Group reveals a dynamic picture:
– Four standard contracts traded hands, each representing 50,000 XRP.
– This resulted in nearly $480,000 in notional volume with an average price of $2.40.
– A majority of the activity came from 106 micro contracts, each covering 2,500 XRP, contributing over $1 million to trading volume.
Even amid SEC delays on multiple crypto ETFs, including those linked to XRP and Solana [SOL], the momentum for XRP investment vehicles continues to grow. Nate Geraci, president of the ETF Store, recently shared his strong belief in the inevitability of spot XRP ETFs.
This confidence is reflected in CME Group’s live, CFTC-regulated XRP Futures contracts. 💪🚀
Meanwhile, decentralized prediction platform Polymarket paints an optimistic picture with an 83% probability priced in for eventual approval. 🙌 However, the coming weeks could be critical as Franklin Templeton’s application now awaits a June 17th hearing.