CME's XRP futures have now surpassed the $1 billion open interest milestone, becoming the fastest cryptocurrency contract to achieve this just three months after launch.
This achievement indicates a growing demand for exposure to regulated digital assets among institutions.
CME has reported that its broader suite of cryptocurrency futures has surpassed an unprecedented $30 billion in nominal open interest. Both Solana and XRP futures have broken through the $1 billion mark, but XRP reached this milestone at a record pace, attracting new attention from funds and corporate sectors.
This move is seen as a sign of market maturity and deepening liquidity in digital asset derivatives. Analysts say it reflects a new wave of institutional capital as traditional finance increasingly embraces the cryptocurrency market through regulated venues.
High trading volume declines test key levels before a rapid rebound.
XRP itself has remained volatile. Over the 24 hours up to August 26, the token traded between $2.98 and $2.84, fluctuating by 5%. The largest movement occurred on August 25, when the price dropped from $2.96 to $2.84, with a trading volume three times the daily average.
Institutional purchases quickly intervened, pushing the token up to $2.92. Market participants described the $2.84 level as a key support level, with trading volume indicating a resurgence of corporate and fund activity. In the last hour of trading, XRP rose by 0.7%, increasing from $2.90 to $2.92, with a trading volume of over 57,000 coins.
In terms of derivatives, XRP futures recorded the most active single-day activity since July 15 on August 25. A total of 7,533 contracts changed hands, equivalent to over $1 billion in trading volume. Since its launch in May, CME's XRP futures have traded over 251,000 contracts, with a cumulative nominal trading volume of $9.02 billion.
Technical indicators suggest that XRP may retest lower levels.
The regulated nature of CME contracts is a key factor attracting demand, as these contracts settle based on the CME CF XRP-USD reference rate and are overseen by the CFTC. Analysts believe this milestone indicates confidence in XRP's long-term role in institutional portfolios.
Bitget's chief analyst Ryan Lee stated that XRP is at a technical crossroads. The Bollinger Bands are tightening, and the RSI remains neutral, with low buying volume indicating a possible retest of the $2.60 to $2.00 range.
"Firmly breaking through the $3.10 level and potentially rising to $3.40 thereafter," he added. "However, the derivatives market is bearish, and the upside potential remains cautious until momentum strengthens."
The strengthening of XRP futures has sparked new discussions about the approval of a spot ETF.
This development has also sparked broader speculation about a spot XRP ETF. Several asset management firms, including Grayscale, Bitwise, and 21Shares, have submitted applications to the U.S. Securities and Exchange Commission. Market participants believe that strong futures liquidity can support these scenarios.
The surge in XRP futures occurred against a backdrop of a strong cryptocurrency market. Federal Reserve Chairman Jerome Powell signaled a rate cut at Jackson Hole, stimulating risk appetite for stocks and digital assets. While Bitcoin has made headlines, the rapid growth of XRP's derivatives indicates its expanding role among institutions.
Elsewhere in the market, other altcoins also experienced explosive activity. After a short-term technical signal appeared, Shiba Inu briefly soared to $0.0000135, while development work on Cardano continues to attract interest. However, analysts warn that the sustained momentum of smaller tokens will still depend on Bitcoin's trajectory and broader macro conditions.
