CME XRP Futures ETF Outperforms Ethereum On Launch; Is BTC Next?
Highlights
- CME's XRP Futures ETF see greater trading volumes than Ethereum futures ETF on launch day.
- Ripple CEO Brad Garlinghouse called the launch a "key institutional milestone".
- Experts predict that the success of the XRP Futures ETF could pave the way for spot ETF approvals.
- XRP price gained 2.5% to $2.38 following the ETF debut, with open interest rising to $4.69 billion
XRP Futures ETF has a pretty impressive launch day, clocking $5.8 million in trading volumes, while beating the likes of Ethereum futures ETF, which saw $1.92 million in combined trading volume during the launch day. This clearly shows the demand for XRP institutional products and could be a stepping stone for the approval of spot ETFs. Following a strong debut, the XRP price has also surged 2.5% today at $2.38, with open interest spiking to $4.69 billion.
XRP Futures ETF Makes Stellar Debut
On Monday, May 19, XRP futures ETF by CME Group debuted, clocking nearly $6 million in daily trading volumes. This is impressive considering that the altcoin remains under pressure amid the ongoing SEC lawsuit. However, professional traders seem to be looking beyond the legal discourses, highlighting demand for XRP institutional products.
As predicted, the newly launched XRP ETFs, have managed to beat Ethereum futures ETFs. If the demand for the product persists moving ahead, it might also eat into the market share of Bitcoin futures ETFs. However, this won’t be an easy milestone to achieve, considering the fact that trading volumes for BTC ETFs go into billions.
Furthermore, the CME Group data shows that the first trading day saw 4 standard contracts for XRP Futures (each representing 50,000 XRP) traded, generating approximately $480,000 in notional volume at an average price of $2.40. However, the majority contribution came from 106 micro contracts (each representing 2,500 XRP), contributing over $1 million in additional volume.
Ripple CEO Brad Garlinghouse also celebrated the launch of XRP futures ETF on Monday, adding: “The launch of regulated XRP Futures on @CMEGroup marks a key institutional milestone for XRP”.
Following the successful launch of futures ETFs, crypto market experts like ETF Store President Nate Geraci believe that the launch of spot XRP ETFs is just a matter of time. Decentralized betting platform Polymarket shows an 83% chance of approval.
XRP Price Action Ahead
If the demand for futures ETFs continues, the XRP price could stage a strong upside move ahead. At present, the Ripple crypto is trading 2.5% up at $2.38. Currently, it has been facing strong rejection at $2.40. On the downside, XRP has a strong support at $2.30, falling below which could lead to a drop to $2.0.
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