As the crypto market recovers broadly, leading crypto derivatives exchange CME Group’s XRP derivatives products have experienced impressive growth due to increased demand from investors.
On Thursday, October 23rd, the exchange joined X (formerly Twitter) to share notable milestones achieved through its XRP futures product, which was launched five months ago. This spike indicates a significant increase in demand for CME’s crypto derivative products related to XRP.
XRP breaks CME’s $29.6 billion milestone
According to data shared by CME, the exchange recorded more than 567,000 XRP and micro-XRP futures contracts traded in the derivatives market over the past five months. Notably, this huge contract volume helped CME achieve record cryptocurrency volumes, primarily due to the launch of XRP futures in May.
The data further revealed that the total amount of XRP-based futures contracts represents a notional value of $26.9 billion, representing approximately 9 billion XRP traded on the platform.
The exchange emphasized that these impressive numbers reflect the growing interest of professional investors in exposure to regulated XRP-based derivative products.
XRP futures options go live on CME
Following the strong performance of XRP futures, CME Group has confirmed that options on XRP futures are now active.
While the launch of XRP futures options has long been anticipated by CME users, this introduction gives traders and financial institutions the opportunity to hedge and speculate on the price of XRP with more advanced tools, all with the transparency and regulatory protections of a U.S.-based exchange.
What does this mean for XRP?
With CME revealing plans to offer 24/7 trading of crypto futures and options starting early next year, demand for XRP-based products is expected to reach unprecedented levels, potentially leading to a big rally in XRP.
This move provides CME’s institutional investors with more avenues and extended trading hours to access both existing and newly launched options contracts related to XRP.
In particular, this development could significantly boost the institutional adoption of XRP, pushing the market price to unexpected new levels.
