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CME boosts share of XRP futures as token rallies nearly 40%

XRP total futures open interest fell 16% over two weeks, while CME open interest rose about 36%, taking CME’s share to roughly 17% from about 10%.

Reported · Written up by our desk · Market Structure

XRP’s rally toward $1.38 in the past two weeks coincided with a shift in where traders place XRP futures, according to CoinDesk.

CoinGlass data show total XRP futures open interest fell 16% from Aug. 17 to Aug. 31, dropping to about 2.34 billion tokens even as XRP price rose nearly 40%, from roughly $0.99 to $1.38. At the same time, open interest on CME increased about 36%, rising to about 387 million tokens from 284 million. That lifted CME’s share of outstanding XRP futures exposure to roughly 17% from about 10% in mid-August.

CoinDesk also reports that futures positions across the rest of the market declined by about 533 million XRP, or 21%, over the same period. The outlet cited a retrenchment in leverage during the rally, with leveraged funds more than doubling their net-short position to the equivalent of about 116 million XRP, alongside a rise in CME activity.

The change matters for institutional access to regulated venues, as many investors prefer or are required to trade on U.S. exchanges. CoinDesk adds that the shift comes ahead of another test for the U.S. CLARITY Act, with a Senate procedural vote expected in mid-September.

Latest closeXRP $1.366 ▼1.0%

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