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XRP Gains Momentum with Institutional Investors
Institutional investors are expected to shift their focus towards XRP following a groundbreaking update that underscores the token’s rising significance in the cryptocurrency market. This recent development involves the introduction of XRP and Micro XRP futures on the CME Group platform, marking a significant achievement for the digital asset. Ripple’s CEO, Brad Garlinghouse, recently shared this news on social media, coinciding with Ripple’s alert to crypto investors about potential scams.
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Ripple CEO Celebrates Institutional Progress for XRP
Brad Garlinghouse utilized the social media platform X to announce a pivotal institutional advancement for XRP: the official debut of XRP and Micro XRP futures contracts on CME Group, the world’s leading derivatives marketplace. Notably, these contracts were swiftly activated, with Garlinghouse confirming that Hidden Road, a notable institutional trading firm, executed the first block trade on CME.
This strategic move places XRP within a regulated derivatives framework, appealing to asset managers, hedge funds, and other significant investors. It aligns XRP with Bitcoin and Ethereum, both of which experienced a boost in investor trust and market activity following their CME futures listings. Consequently, the launch of XRP and Micro XRP futures aligns with the current market trends for XRP, particularly in terms of increasing institutional interest. Additionally, the availability of XRP futures on the CME platform signifies the cryptocurrency’s evolution into a more structured financial instrument, potentially impacting the SEC’s future decisions regarding Spot XRP ETFs.
CME Group offers XRP futures in both a micro-sized (2,500 XRP) and a standard-sized contract (50,000 XRP). According to Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, the first day of trading saw more than $19 million in notional volume.
Ripple Alerts Investors About Rising Scams
Following the announcement of the futures launch, Ripple issued a public service alert warning of an increase in scams targeting the XRP community. The company advised users to remain vigilant, emphasizing that no official Ripple representative would request individuals to send XRP. The alert included guidance to avoid suspicious links and stressed the importance of verifying accounts before interacting with them.
This warning reflects a pattern observed in the crypto industry, where scam activities often surge during bullish market conditions. A recent example includes the arrest of a Wellington-based individual by New Zealand Police, linked to a crime syndicate accused of embezzling $450 million New Zealand dollars ($265 million). Additionally, crypto exchange Coinbase recently faced a phishing attack resulting in a minor data leak.
Currently, XRP is trading at $2.35, reflecting an 8.7% decrease over a seven-day period.
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