XRP Futures ETF Makes Stellar Debut

This clearly shows the demand for XRP institutional products and could be a stepping stone for the approval of spot ETFs.

The interest in XRP futures ETFs is pretty evident from the trading volumes clocked by the products on Monday.

If we look at the daily volumes clocked by the products, then the XRP futures ETF, which was launched on Monday, May 19, saw nearly $5.8 million in trading volumes. This is clearly a pretty impressive launch day considering that the altcoin remains under pressure amid the ongoing SEC lawsuit.

But professional traders seem to be looking beyond the legal discourses, highlighting the demand for XRP institutional products.

This is also evident as the newly launched products, i.e., XRP futures ETFs, have managed to beat the Ethereum futures ETFs, which saw $1.92 million in combined trading volume during the launch day.

If the demand for the product persists moving ahead, then it might also eat into the market share of Bitcoin futures ETFs. But this won’t be an easy milestone to achieve considering the fact that trading volumes for BTC ETFs go into billions.

Moreover, the CME Group data shows that the first trading day saw four standard contracts for XRP Futures (each representing 50,000 XRP) traded, generating approximately $480,000 in notional volume at an average price of $2.40.

However, the majority contribution came from 106 micro contracts (each representing 2,500 XRP), which clocked over $1 million in additional volume.

Also, taking note of the futures ETFs launch, Ripple CEO Brad Garlinghouse said: “The launch of regulated XRP Futures on @CMEGroup today marks a key institutional milestone for XRP”.

Following the successful launch of futures ETFs, crypto market experts like ETF Store President Nate Geraci believe that the launch of spot XRP ETFs is just a matter of time.

Decentralized betting platform Polymarket shows an 83% chance of approval.

If the demand for futures ETFs continues, then the XRP price could stage a strong upside move ahead.

At press time, the Ripple crypto is trading 2.5% up at $2.38. Currently, it has been facing strong rejection at $2.40. On the downside, XRP has a strong support at $2.30, falling below which could lead to a drop to $2.0.