CME’s recently released XRP
XRP$2.29
Futures highlight the international appeal of cryptocurrencies, with nearly half of trading volume occurring outside US trading hours.
The regulated XRP futures (standard and microsized contracts) began trading with the global derivatives giant a week ago, registering a total trading volume of $4,032, worth $86.6 million over the first six days, an exchange spokesman told Coindesk.
A spokesperson emphasized that “46% of the (total) volume occurred in non-US time,” highlighting that almost half of the transaction came from non-US participants.
This data suggests strong international participation in the futures market. XRP is a payment-centric cryptocurrency designed primarily for fast and low-cost cross-border payments.
Ripple, a financial technology company, uses XRP and XRP ledgers (XRPL) to promote international remittances.
Standard and micro contracts for CMEs, sizes 50,000 and 2,500 XRP, respectively, are cash-based and based on the SME CF CRP-Dollar reference rate and track cryptocurrency prices at 4pm London time.
These futures allow traders to get exposed to cryptocurrencies without actually owning them.