Demand For XRP On CME Explodes As Reports Show Over $18 Billion

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Demand for XRP on the CME derivatives exchange continues to rise, providing a bullish outlook for the altcoin. This comes ahead of the potential approval of the XRP ETFs, which could further spark institutional demand for XRP.  CME XRP Futures Hit New Milestone

In an X post, the CME group announced that it has hit its four-month milestone for XRP futures, with a notional trading volume of $18.3 billion, 6 billion XRP traded, and 397,000 contracts traded. This again highlights the demand for the altcoin, with the derivatives exchange previously stating that the altcoin’s futures productshave shown demand from both institutional and retail participants.  Related Reading Demand For XRP On CME Explodes As Reports Show Over $18 Billion 1 hour ago

Notably, the CME XRP futures crossed $1 billion in open interest (OI) last month, with the altcoin becoming the fastest-ever contract to do so, having hit the mark in just three months. 

Amid the demand for the altcoin on the derivatives exchange, CME has announcedplans to launch options trading on the XRP futures on October 13. 

This is expected to further boost the demand on the CME exchange, which is a positive for the altcoin. This new milestone for XRP futures comes just ahead of the potential launch of XRP ETFsunder the 33 Act, which will also elevate institutional interest in the altcoin. Fund issuers are expected to file amendments for their respective funds as soon as the end of this week. 

This comes amid the SEC’s approval of the generic listing standards, which could enable these XRP ETFs to launch earlier. If that doesn’t happen, the focus will shift to Grayscale’s October 18 deadline, which is the first final deadline among all seven XRP filings. The commission could approve these funds simultaneously, just as it did with the Bitcoin and Ethereum ETFs.  Massive Demand Expected For The ETFs

It is worth mentioning that market expert Nate Geraci had previously alludedto the success of the CME XRP futures as one of the reasons he believes people are underestimating the demand the spot XRP ETFs may record. He also noted at the time that there was already over $800 million in futures-based XRP ETFs.  Related Reading XRP Goes Head-To-Head With Bitcoin In This Metric As South Korean Market Wakes Up 4 days ago

In another X post, Geraci doubled down on his statement that people are “severely” underestimating the investor demand for the spot XRP ETFs. He noted how a similar thing happened with the spot Bitcoin and Ethereum ETFs, which have so far exceeded expectations. 

Canary Capital CEO Steven McClurg also has high expectations for the XRP ETFs, predictingthat they could record up to $5 billion in inflows in their first month. He also believes that they could outperform the Ethereum ETFs in the process. 

At the time of writing, the altcoin price is trading at around $2.75, down over 3% in the last 24 hours, according to datafrom CoinMarketCap. XRP trading at $2.76 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com