Levi Rietveld, a respected crypto analyst and founder of Crypto Crusaders, has commented on the strong performance of XRP futures since their debut on the Chicago Mercantile Exchange (CME). In a recent post , he noted that the contracts are doing exceptionally, noting that they have pulled in almost $30 million since the launch. He also pointed to the growing interest as a possible catalyst for regulatory movement on a spot XRP exchange-traded fund (ETF). With over ten XRP spot ETF applications pending, the success and appeal of the futures contracts may influence the U.S. Securities and Exchange Commission’s (SEC) stance. Strong Early Trading Points to Institutional Demand CME’s XRP futures officially launched on May 19 , including standard-sized (50,000 XRP) and micro (2,500 XRP) contracts. These contracts are cash-settled in U.S. dollars and based on the CME CF XRP-Dollar Reference Rate, which is calculated daily. The first day alone saw about $19 million in trades , while the second day added another $7 million. These figures signal substantial institutional engagement, placing XRP alongside Bitcoin, Ethereum, and Solana as the only cryptocurrencies with futures contracts on CME. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 The fast increase in volume suggests that XRP is increasingly seen as a viable asset in institutional portfolios. The regulated environment provided by CME offers a compliant gateway for exposure to XRP price movements, especially for firms that do not wish to hold the underlying token directly. The Path to Spot XRP ETFs The performance of the CME XRP futures has direct implications for broader regulatory developments, particularly the potential approval of a spot XRP ETF. Levi highlighted this connection, pointing out that the strong institutional demand has renewed speculation about ETFs. The swift institutional uptake in a regulated setting may strengthen the case for the SEC to approve such products. The fact that more than ten applications for spot XRP ETFs are pending further supports the notion that the market is actively preparing for such a shift. Historically, futures have played a role in ETF approval decisions, and experts have previously pointed to the lack of XRP futures as a reason why ETFs would not be approved . Bitcoin and Ethereum futures were established on CME before spot ETFs were approved in the U.S., and XRP may follow a similar trajectory if current trading patterns remain consistent. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post CME Group Fuels XRP ETF Hope appeared first on Times Tabloid .
