CME’s XRP Futures Just Set Another Stunning Record

According to Chicago-based trading behemoth CME Group, XRP futures are the fastest ever to surpass $1 billion in open interest (OI). 

This comes shortly after the red-hot product also logged a new record high in the number of contracts.

As reported by U.Today, the trading titan introduced XRP futures in May after launching Solana-based ones. 

It took XRP futures just over three months to reach the much-coveted milestone, meaning that there is strong institutional demand for the Ripple-linked token.    

$30 billion milestone 

CME’s cryptocurrency futures have now surpassed a total of $30 billion in open interest for the first time. 

Bitcoin and Ethereum, the two largest cryptocurrencies, have recorded $16 billion and $10.5 billion in open interest, respectively. 

After initially introducing regulated Bitcoin futures in late 2017, CME has emerged as a major player in the crypto market. 

According to the Chicago-based trading behemoth, the new OI record should be treated as a “huge sign” of market maturity. 

XRP’s price wobbles 

At the same time, the XRP price continues to struggle amid a broader cryptocurrency market correction. 

The token is down more than 2% over the last 24 hours. Earlier this Tuesday, it dipped below the $2.9 level once again, reaching an intraday low of $2.84. 

According to 100eyes Crypto Scanner, an X-based service that provides crypto market action, the Ripple-linked cryptocurrency is currently trading close to its horizontal support.   

The release of the much-hyped Gemini XRP card, which briefly started trending on social media, has not had any noticeable impact on the price of the token.