Key Points
- CME Group’s XRP Futures ETF launched with a strong daily trading volume of nearly $6 million.
- Despite SEC delays and legal hurdles, the momentum for spot XRP ETF approval is growing.
CME Group launched its Ripple [XRP] Futures ETF on 19th May, attracting significant institutional interest.
The exchange recorded a noteworthy daily trading volume of nearly $6 million on the first day, marking a successful debut.
XRP ETFs Outperform ETH ETFs
The newly launched XRP ETFs have quickly surpassed Ethereum [ETH] Futures ETFs in performance, indicating strong institutional interest.
If this trend continues, XRP could potentially challenge Bitcoin [BTC] Futures ETFs, which regularly see trading volumes in the billions.
The early success of XRP products further bolsters the case for future spot ETF approvals.
XRP has experienced a significant price rally amidst this institutional interest, with its price jumping 1.33% to $2.33 and Open Interest surging to $4.69 billion at press time.
Day One of Trading – Details
On the launch day, data from CME Group shows that four standard contracts traded hands, each representing 50,000 XRP.
These trades accounted for about $480,000 in notional volume at an average price of $2.40.
The majority of the activity came from 106 micro contracts, each covering 2,500 XRP, contributing over $1 million in additional volume.
This trading pattern suggests that both large and smaller institutional players are actively engaging with XRP Futures.
Despite the SEC delaying its ruling on multiple crypto ETFs, including those tied to XRP and Solana [SOL], momentum around XRP investment vehicles continues to grow.
Nate Geraci, the president of the ETF Store, recently stated on X (formerly Twitter) that spot XRP ETFs are inevitable.
This statement underscores the importance of CME’s live, CFTC-regulated XRP Futures contracts.
Optimism also remains high on decentralized prediction platform Polymarket, with an 83% probability priced in for eventual approval.
However, with Franklin Templeton’s application now pushed to the 17th of June, the coming weeks may be crucial in shaping the next phase of institutional access to XRP.
