Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. XRP Open intereston the CME Group has reached a new all-time high (ATH), presenting a bullish outlook for the altcoin. This further underscores the massive demand for XRP exposure among institutional investors, which could serve as a catalyst for higher prices. CME XRP Futures Open Interest Hit News ATH
In an X post, the CME Group revealed that the XRP futures have hit an all-time high in open interest with over 6,000 contracts on August 18, just before their three-month anniversary. The derivatives platform further remarked that this development is a clear sign of growing conviction in the market. Related Reading XRP Open Interest On CME Futures Has Hit A New ATH, Why Price Could Surge 7 hours ago
Since launching in May, these CME XRP futures have seen over 251,000 contracts traded, a trading volume of $9.02 billion, and $12 million in their XRP equivalent. In July, these XRP futures set a recordof $235 million traded in just one day. These futures products have enjoyed massive demand since they launched, underscoring the huge interest in the altcoin among traditional finance (TradFi) investors. Source: Chart from CME Group on X
This is bullish for the XRP price, considering that activity in the derivatives market also impacts price action. Meanwhile, Coinglass dataalso shows that traders are currently betting heavily on XRP in the derivatives market. The altcoin’s trading volumehas surged over 142% to $16.46 billion. Open interest has surged 8% to $8 billion.
Furthermore, the record highs in the CME XRP futures open interest indicate that the spot XRP ETFswill record massive demand among TradFi investors once they launch. The absence of a spot XRP fund for now has meant that these investors have to invest in the futures products and ETFs to gain exposure to the altcoin. The prospective XRP ETF issuers recently amended the S-1 for their respective funds, which market expert Nate Geraci describedas a “very good sign.” The Altcoin Eyes Rebounds As Buyers Step In
In an X post, crypto analyst CasiTrades stated that buyers have stepped in and that the next stop for the altcoin is $3.21. The analyst remarked that bullish momentum came across the market just as the XRP pricedipped below the consolidation pattern. With this, she indicated that the altcoin is unlikely to retest $2.77 before it continues its uptrend. Related Reading XRP Price Could Explode To $3.8 Amid Trend Continuation 1 week ago
CasiTrades stated that the short-term path points to $3.21 as the next major resistance and not the previous $3.41 resistance target. She declared that the current momentum is very strong and expects only a brief pause at that resistance before the altcoin rallies higher. The analyst noted that the brief pause could lead to a retest of the top of the consolidation near $3.168.
At the time of writing, the XRP price is trading at around $3.02, up over 5% in the last 24 hours, according to datafrom CoinMarketCap. XRP trading at $3.06 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com