- Sign of institutional demand?
- XRP’s underwhelming price action
Ripple CEO Brad Garlinghouse has taken to the X social media network to hail the latest milestone recorded by CME Group’s XRP futures.
As reported by U.Today, XRP futures recently became the fastest contract offered by Chicago-based trading behemoth to hit $1 billion.
In his celebratory social media post, Garlinghouse has noted that it took XRP futures only three months to achieve that impressive milestone.
In May, Garlinghouse stated that the launch of CME Group’s XRP futures had marked a “key institutional milestone” for the Ripple-linked token.
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According to data provided by CoinGlass, CME currently comes in third place in terms of XRP futures open interest (behind only Bitget and Binance).
Sign of institutional demand?
Nate Geraci, a prominent ETF analyst, recently opined that the level of demand for spot XRP exchange-traded funds (ETFs) is being severely underestimated. He believes that such a product will be able to significantly outperform expectations just like Bitcoin ETFs and Ethereum ETFs.
At the same time, some naysayers are convinced that spot XRP ETFs will be the death knell to the token since they will expose the lack of institutional demand.
XRP’s underwhelming price action
Some social commentators were seemingly dismayed by XRP’s underwhelming price action. “That’s nice. Why are we still at $2.84 with all the positive news?” one of the commentators said.
XRP is currently changing hands at $2.82 after dipping by 1.6% over the past 24 hours.
The token has been struggling to revive its bullish momentum despite some positive ecosystem developments.
Meanwhile, XRP holders are patiently waiting for the approval of spot ETFs, which is expected to take place later this year.