CME XRP Futures Open Interest Hit New ATH

XRP futures open interest reached an all-time

high of nearly 6,000 contracts on August 18,

shortly before their three-month anniversary,

according to the CME Group.

The derivatives platform said that this shows

market confidence is rising.

Since opening in May, CME XRP futures have

traded 251,000 contracts, $9.02 billion, and

$12 million in XRP. In July, XRP futures

exchanged $235 million in one day, a record.

These futures products have been in high

demand since debut, demonstrating

cryptocurrency interest.

Since derivatives market activity affects price

movement, this is optimistic for XRP.

Coinglass data also suggests that derivatives

traders are betting significantly on XRP.

Trading volume for the cryptocurrency has

increased 142% to $16.46 billion.

Open interest rose 8% to $8 billion.

The record CME XRP futures open interest

suggests that TradFi investors will buy the

spot XRP ETFs in large numbers when they

begin.

Since there is no spot XRP fund, investors

must buy futures and ETFs to obtain

exposure to the cryptocurrency.

In an X post, crypto expert CasiTrades said

buyers had entered and the cryptocurrency

will reach $3.21. The expert said that positive

momentum hit the market when XRP slipped

below the consolidation pattern.

The cryptocurrency is unlikely to retest $2.77

before continuing its climb, she said.

CasiTrades said the short-term path indicates

to $3.21 as the next big obstacle, not $3.41.

She said momentum is strong and expects

the cryptocurrency to briefly stall at that level

before rallying higher. The expert said the

small pause might revisit the consolidation

peak at $3.168.