XRP Futures Open Interest for CME Don Hit New All-Time High
Di open interest for XRP futures for CME Group don reach new all-time high as pass 6,000 contracts on August 18, show say demand for XRP futures for big players dey increase. Since dem start for May, CME XRP futures don trade 251,000 contracts worth $9.02 billion, July one-day volume pass $235 million. At same time, Coinglass report say XRP derivatives volume climb 142% to $16.46 billion and open interest increase 8% to $8 billion. This record open interest for futures na sign say plenty people dey expect spot XRP ETFs soon, as dem get support from recent S-1 amendments. Technical analysis from CasiTrades talk say body dey bullish, dem target $3.21 as next resistance after small consolidation, with XRP dey trade around $3.02 (+5% in 24h).
Bullish
Di big increase for XRP futures open interest for CME reach record high show say institutional people get strong belief, e dey always be sign say price fit move well. Historically, wen futures open interest spike—like when Bitcoin launch for CME—e dey join with price wey dey go up. The increase for Coinglass derivatives volume and open interest also show say more people dey join market. Plus, the spot XRP ETFs wey dem dey plan to launch, wey recent S-1 changes support, fit bring more money from traditional finance come inside. Technical analysis also show say price fit continue reach $3.21 resistance, meaning say bullish momentum dey both short and long term. So, this news go get good effect for XRP market prospects.