$1.6 Billion XRP Surge: Here’s What’s Unfolding

Key Points

1. XRP futures began trading on the CME in May, offering micro (2,500 XRP) and standard (50,000 XRP) cash-settled contracts based on the SME CF XRP-Dollar Reference Rate.

2. On July 11, CME-traded XRP contracts hit a single-day notional trading volume of $235 million, with over 9,100 contracts traded and 82 million XRP equivalent marked.

3. The total notional volume surpassed $1.6 billion, indicating strong trader interest and validating XRP's presence in the derivatives market.

4. The ProShares XRP Futures ETF is set to launch on July 18, potentially boosting institutional inflows if regulatory clarity improves.

5. At press time, XRP was down 3.4% in 24 hours to $2.91 but had surged 27% weekly, reaching $3.03 during a six-day rally.