According to data provided by CME Group, XRP futures generated an impressive $542 million in notional volume during their first month of trading.
The Chicago-based derivatives giant says that the product showed “significant market interest” and strong engagement from both institutions and individual retail traders.
In April, as reported by U.Today, CME Group confirmed that it would launch CME futures after months of speculation. The product ended up being rolled out in two sizes (ordinary and micro) on May 19 to much fanfare. The futures generated more than $19 million in volume on their third day.
Notably, nearly half of the aforementioned monthly notional volume was logged outside of North America.
The current open interest, which measures the total value of open positions, currently stands at $70.5 million.
CME Group has also outlined some of the key bullish catalysts for the XRP token such as growth in institutional acceptance due to Ripple’s acquisition of prime brokerage Hidden Road, stablecoin integration, and XRP’s growing participation in cross-border payments.
As reported by U.Today, ME Group’s Tim McCourt recently spoke favourably about utility while also pointing to the high transaction volume throughout the XRP Ledger.
The successful launch of CME’s regulated XRP futures is a major stepping stone for the eventual approval of a spot-based ETF. According to Bloomberg, there is a whopping 95% chance of such products being launched in 2025.
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