XRP Sets New Milestone on CME: Unveiling the Surge in Crypto Derivatives

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XRP Achieves Unprecedented Open Interest on CME

The demand for XRP has reached unprecedented heights, as evidenced by its record-setting performance on the CME derivatives exchange. For the first time, the exchange has witnessed $30 billion in open interest (OI) in its crypto futures products.

XRP’s Rapid Ascent to a $1 Billion Open Interest

In a recent announcement, CME Group highlighted that its XRP futures products have reached $1 billion in open interest, marking the fastest achievement of this milestone within just over three months. This achievement signifies the growing maturity of the market, attracting substantial new capital.

Accompanying this development, CME’s crypto futures have surpassed $30 billion in notional open interest, a first in the exchange’s history. Bitcoin and Ethereum lead the pack with open interests exceeding $16 billion and $10.5 billion, respectively. Meanwhile, XRP and SOL continue to attract significant attention, each surpassing the $1 billion threshold and demonstrating robust interest in these digital assets.

Insights from Industry Leaders: Anticipating the Future of XRP ETFs

Nate Geraci, President of NovaDius Wealth, commented on the situation, suggesting that the market may be underestimating the potential demand for spot XRP ETFs. He believes that the substantial interest in XRP futures indicates a likely influx of investment into spot funds, contingent upon SEC approval.

Geraci further highlighted the existence of over $800 million in futures-based XRP ETFs, reinforcing his expectation of demand for spot funds. With the resolution of the Ripple SEC lawsuit, the expert anticipates that the SEC will soon approve the pending spot ETF applications.

The Commission’s decision regarding these funds is anticipated by October, as it considers proposed rule changes for listing them on the stock exchange. Issuers of XRP ETFs have recently amended their S-1 forms, a move Geraci views as a positive step towards approval.

John Deaton Foresees Significant Demand for XRP Funds

Building on Geraci’s insights, renowned pro-XRP lawyer John Deaton weighed in, echoing predictions of substantial demand for spot funds upon their launch. Deaton previously forecasted Gemini’s XRP card as the platform’s most popular credit card, underscoring his faith in XRP’s potential.

Deaton anticipates robust demand for these XRP ETFs due to the influence of XRP holders. He credits these holders for Gemini’s app surpassing Coinbase in recent downloads, speculating that many were eager to utilize the XRP card. Deaton emphasizes the significant role of these XRP holders, noting that 75,000 individuals from 143 countries joined as amici curiae in the Ripple case.

As of this writing, XRP is trading at approximately $3, having experienced a 5% increase in the past 24 hours, according to CoinMarketCap data.

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