XRP Futures Set CME Record: $235 Million Traded In One Day

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Data shows the XRP futures volume on CME has hit a new daily record, a potential sign of surging institutional interest in the cryptocurrency.

Total XRP CME Futures Volume Has Crossed $1.6 Billion

According to data from CME Active Trader, an official X handle of the CME Group focused on trading, the combined XRP and Micro XRP futures volume set a new record on Friday. The CME Group is the largest derivatives marketplace in the world, operating multiple platforms such as the Chicago Mercantile Exchange. The company offers regulated futures and options trading products across a wide range of asset classes, including cryptocurrencies.

Bitcoin futures trading was added to the platform back in 2017, with offerings for Ethereum becoming available in 2021. XRP futures finally launched in May of this year.

Futures trading is available in two forms for the asset: XRP and Micro XRP. The former features contracts sized at 50,000 tokens each, while the latter offers a smaller size of 2,500 tokens per contract.

On the milestone-setting July 11th, more than 9,100 CME futures contracts for the asset were traded, equivalent to over 82 million coins or $235 million. “The record underscores the rapidly growing demand in our new XRP futures suite,” noted CME Active Trader in the X post. Since the launch, total notional traded has amounted to $1.6 billion.

The CME Group is widely considered to be the preferred derivatives platform for institutional traders, thanks to its regulated offerings. As such, the spike in the futures trading volume on the exchange can be an indication of rising demand among institutions.

Futures trading on CME reflects just one side of the sector. Here’s how the combined futures metrics related to the asset currently look for all platforms, according to Glassnode data:

Indicators related to the futures market for the major assets in the sector | Source: Glassnode

While trading activity related to the token may have jumped high on Friday, the latest trend is that of a decline, as futures volume across exchanges has dropped by more than 40% over the last 24 hours.

That said, daily volume still stands at $8.4 billion for the cryptocurrency, which is larger than the other major altcoins save for Solana at $9.1 billion. Bitcoin has the highest volume at $78.6 billion, but its ratio relative to its market cap (0.033) is worse than XRP’s (0.048).

Funding rates are positive across the market at the moment, suggesting a degree of long-term dominance. Dogecoin and Tron seem to be receiving the most bullish bets, with the metric sitting at 0.0143% and 0.0121%, respectively.

XRP follows the two with a funding rate of 0.0113%. Thus, while trading activity may have plunged during the past day, sentiment around the asset remains positive.

Token Price

XRP has witnessed a sharp surge of over 24% in the last week, which has brought its price to $2.95.

Looks like the price of the coin has been moving up in recent days | Source: XRPUSDT on TradingView

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