CME Group announced that its futures product for the altcoin XRP is the fastest to exceed an open interest (OI) value of 1 billion dollars. A new peak was recently seen in the number of contracts. It is worth remembering that the company launched its XRP futures product in May after opening trading for its Solana-based futures product. During the same period, the total OI of cryptocurrency futures also surpassed 30 billion dollars for the first time.
Record Surge in CME's XRP Futures Product
According to data from CME Group based in Chicago, XRP futures have become the product to surpass the $1 billion OI threshold the fastest in history. The success was reinforced by a recent record in the number of contracts. The company opened trading for XRP futures in May after its Solana-based product. The record-breaking aspect of the product indicates a rapid acceptance and depth of demand from institutional and professional investors.
On the other hand, the total OI value of CME's cryptocurrency futures has surpassed $30 billion for the first time. Of this, $16 billion came from Ethereum futures, while $10.5 billion came from Bitcoin futures. CME, which introduced regulated Bitcoin futures at the end of 2017, has become a significant player in the market since then. The group sees the new OI record as a strong indication of market maturity.
Current Outlook on XRP Coin Price
Despite the activity coming from the derivatives market, the price of XRP coin is struggling amid a general market decline. The altcoin, which lost more than 2% in value over the last 24 hours, dropped below $2.90 again in the early hours of the day. The intraday low was recorded at $2.84. The short-term price volatility continues with changes in investors' risk appetite.
The divergence between price and derivative indicators is also extremely pronounced. The rapid rise in OI indicates that the product has seen significant interest in the exchange, while there is pressure on the price on the spot side. The current outlook shows that short-term price movements are trending downwards with a corrective tendency, but there is increased depth and participation in the organized derivatives market.
According to data provided by CryptoAppsy, XRP is trading at $2.91 with some recovery at the time this news was prepared.
