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Interest for XRP on the CME derivatives exchange persists to grow, offering an optimistic perspective for the altcoin. This occurs in anticipation of the prospective approval of the XRP ETFs, which could further stimulate institutional interest for XRP.
CME XRP Futures Achieve New Benchmark
In a post on X, the CME group declared that it has reached its four-month benchmark for XRP futures, with a nominal trading volume of $18.3 billion, 6 billion XRP exchanged, and 397,000 contracts executed. This again underscores the demand for the altcoin, with the derivatives exchange previously indicating that the altcoin’s futures offerings have exhibited demand from both institutional and retail investors.
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Remarkably, last month the CME XRP futures surpassed $1 billion in open interest (OI), making the altcoin the fastest contract to achieve this feat, reaching the mark in just three months.
Amid the growing interest in the altcoin on the derivatives exchange, CME has revealed plans to initiate options trading on the XRP futures on October 13.
This is anticipated to further elevate the interest on the CME exchange, which is favorable for the altcoin. This new milestone for XRP futures arrives just prior to the possible launch of XRP ETFs under the 33 Act, which will also enhance institutional engagement in the altcoin. Fund issuers are expected to submit amendments for their respective funds by the end of this week.
This follows the SEC’s endorsement of the generic listing criteria, which could potentially allow these XRP ETFs to launch sooner. If that does not occur, attention will shift to Grayscale’s October 18 deadline, which is the first final deadline among the seven XRP filings. The commission could approve these funds concurrently, similar to its approach with the Bitcoin and Ethereum ETFs.
Significant Interest Anticipated For The ETFs
It’s notable that market analyst Nate Geraci previously hinted at the triumph of the CME XRP futures as one of the reasons he thinks people are undervaluing the demand the spot XRP ETFs might experience. He also remarked at that time that there was already upwards of $800 million in futures-based XRP ETFs.
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In another post on X, Geraci reiterated his assertion that people are “seriously” underestimating the investor demand for the spot XRP ETFs. He pointed out how a similar scenario unfolded with the spot Bitcoin and Ethereum ETFs, which have so far surpassed expectations.
Canary Capital CEO Steven McClurg also holds optimistic views for the XRP ETFs, forecasting that they could attract up to $5 billion in inflows during their inaugural month. He also speculates that they could outperform the Ethereum ETFs in the process.
At the time of this writing, the altcoin price is trading at approximately $2.75, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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