XRP Leads Altcoins Higher as CME Futures Surpass $30B
Altcoins bounced back strongly on Tuesday following a sharp two-day sell-off, as traders capitalized on lower prices to re-enter positions. XRP led the gains, surging 6%, while Solana (SOL) and Dogecoin (DOGE) rose about 4.5%, and Ethereum (ETH) climbed 5%. Open interest in XRP also increased 4.2%, reflecting renewed speculative activity.
The rally coincided with CME Group reporting that crypto futures notional open interest topped $30 billion. Both SOL and XRP futures crossed the $1 billion mark, with XRP achieving the milestone in just over three months—the fastest among major contracts. Analysts view this as a sign of growing institutional engagement and potential demand for a spot XRP ETF.
The broader crypto market also strengthened, with the CoinDesk 20 Index up 3.6%. Bitcoin (BTC) regained the $111,000 level after briefly dropping below $109,000. Despite the gains, blockchain analytics firm Santiment warned that elevated optimism over a possible September Fed rate cut could precede a market correction. Traders are closely monitoring Friday’s Personal Consumption Expenditures (PCE) Price Index for cues on the Fed’s next move.
