Altcoins News
By Sakamoto Nashi
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XRP’s entry into the Chicago Mercantile Exchange (CME) Futures market has turned heads, with the cryptocurrency reaching $19 million in trading volume on its first day.
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On May 19, XRP Futures became available with two types of contracts: a standard contract for 50,000 XRP and a micro-version for 2,500 XRP.
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The trading volume experienced a sharp decline the following day. On May 20, volume fell by about 50%, reaching only 59 contracts, equating to around $7.6 million.
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XRP’s strong performance in the CME Futures market has fueled renewed optimism for a U.S. Spot XRP Exchange-Traded Fund (ETF).
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According to Nate Geraci of ETF Stores, approval of a Spot XRP ETF in the U.S. seems to be an inevitable next step after the success of the Futures market.
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However, despite the strong Futures debut, XRP’s price has not responded as strongly as some might have expected.
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Bitcoin’s dominance in the broader crypto market has also impacted XRP. The dominance of Bitcoin recently surged by 3.6%, climbing from 62% to over 64%.
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XRP is currently facing resistance at the $2.6 mark, which has proved difficult for the bulls to overcome.
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In conclusion, XRP’s entry into the CME Futures market has been a significant achievement, with a solid trading volume indicating strong institutional interest.
The Currency Analytics
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