It appears that the Chicago Mercantile Exchange, in a moment of either uncharacteristic exuberance or profound ennui, has decided to hitch its stately wagon to the comet that is XRP. Since unleashing XRP and its daintier cousin, the Micro XRP futures, upon an unsuspecting public on 19 May 2025, CME has reportedly witnessed trading volumes soar in a manner not seen since London’s more spirited days before luncheon.
Strong demand, so the institutions claim — which in this industry could mean anything from a handful of excitable interns to an actual boardroom full of characters from The Wolf of Wall Street. Retail traders, apparently emboldened by the notion that fortunes can still be made in pyjamas, have also joined the melee. “Robust”, they say. One shudders to imagine what “anemic” would look like.
Opening day—red-lettered and circled in the calligrapher’s hand—ushered in $19.3 million in trades via a cocktail of fifteen corporate entities and four retail platforms. By the close of a mere lunar cycle, this figure ballooned, throbbing with the melodrama of a Gatsby soirée, to a vertiginous $542 million. Who knew there were so many XRP enthusiasts outside of the usual Telegram groups and uncomfortably optimistic YouTubers?
Open interest, that most seductive of metrics, has strutted confidently to $70.5 million, accumulating admirers from all corners—ETF issuers in their hermetically sealed offices, and retailers longing for the halcyon thrill of margin calls.
In almost P.G. Wodehouse-worthy understatement, CME’s communication on X sighs, “XRP and Micro XRP futures have shown demand across institutional and retail participants.” Yes, just so. And approximately 45% of this frenzied activity is attributed to those hailing from beyond the somewhat overwrought borders of America and Canada. Apparently, the rest of the world has started reading the financial section.
All this excitement timed itself with the Securities and Exchange Commission’s decision to climb out of the ring and cease hostilities with Ripple Labs. The regulatory gods, often so capricious, appear to have nodded their assent just long enough for the Coinbase Derivatives and Bitnomial types to emerge from behind the velvet ropes with approval for XRP futures stateside. Specialist wizards, peering into their regulatory cauldrons, hazard that an XRP spot ETF might materialize too, joining the now rather pedestrian ranks of Bitcoin and Ethereum.
The SEC, which one suspects would invent new requirements if it meant delaying things another fortnight, has acknowledged that a regulated futures market is the secret handshake for ETF approval. CME’s XRP futures being quite palpably alive, XRP finds itself in the club—at least until someone changes the rules or the wallpaper.
Meanwhile, in a move likely to cause more buzz at City lunches, the ever-ambitious Ripple has acquired Hidden Road, presumably keen to rub shoulders with the sort of financial institutions that send Christmas hampers instead of cards.
Not content to let the grass grow beneath its feet, Ripple also rolled out RLUSD, a stablecoin designed for those who find transferring money quickly and cheaply a kind of secular salvation. In a stroke of cosmic serendipity, USDC—never a token to miss a party—debuted on the XRP Ledger. Imagine the network activity! One half expects the blockchain itself to need a refreshing gin and tonic.
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2025-06-25 00:17