XRP Futures Hit $1B at CME as Spot Price Holds Firm
XRP futures at CME Group have surged past $1 billion in open interest, marking the fastest contract to reach this milestone in just over three months. CME’s total crypto derivatives open interest has now topped $30 billion, highlighting growing institutional engagement.
Market Overview
- Spot XRP traded in a $2.84–$2.98 range over 24 hours, with a sharp drop from $2.96 to $2.84 on 217 million tokens on August 25 — about three times its daily average.
- The $2.84 level emerged as critical support, aided by institutional flows.
- Regulatory concerns in the U.S. continue to weigh on XRP relative to peers, but corporate adoption and pilot remittance initiatives keep the token relevant for treasury desks.
Technical Highlights
- Support: $2.84, confirmed by high-volume absorption.
- Resistance: $2.94–$2.95, limiting short-term rallies.
- Momentum: RSI rebounded from 42 to mid-50s; MACD shows potential bullish crossover.
- Institutional positioning: Order books indicate concentrated bids above $3.60.
Trading Watchpoints
- Upside target: $3.70 if the $2.90–$2.92 base holds.
- Downside trigger: $2.80 could accelerate losses.
- CME’s record open interest now serves as a key gauge of institutional conviction in XRP.
