XRP is about to start drawing a fresh wave of attention from institutional investors, following a major update that reflects the token’s growing relevance in the crypto market.
The latest milestone involves the listing of XRP and Micro XRP futures on the CME Group, which marks a notable milestone for the cryptocurrency. Ripple’s CEO, Brad Garlinghouse, recently took to social media to share this exciting announcement, while Ripple issued a critical alert for crypto investors.
Ripple CEO Hails Institutional Breakthrough For XRP
Brad Garlinghouse took to the social media platform X to mark what he described as a key institutional milestone for XRP: the official launch of both XRP and Micro XRP futures contracts on CME Group, the largest derivatives marketplace in the world. Interestingly, the contracts were quick to become active, as Garlinghouse also confirmed that the first block trade on CME had already been executed by Hidden Road, a prominent institutional trading firm.
This move introduces XRP to a regulated derivatives framework, which traditionally appeals to asset managers, hedge funds, and other large-scale investors. It places XRP in the same category as Bitcoin and Ethereum, both of which saw improved investor confidence and deeper market activity after their own CME futures listings.
As such, the launch of XRP and Micro XRP futures plays well into the current market dynamics for XRP, especially in terms of growing institutional interest. Furthermore, the presence of XRP futures on the CME marketplace shows that the cryptocurrency is maturing into a more structured financial asset, which could influence future decisions of the SEC around Spot XRP ETFs.
CME Group XRP futures are available in both a micro-sized (2,500 XRP) and a larger-sized contract (50,000 XRP). According to Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, more than $19 million in notional volume was traded on the first day of launch.
Ripple Issues Major Alert To Investors
Shortly after the announcement of the futures launch, Ripple’s official account posted a public service warning highlighting a rise in scams targeting the XRP community. The company urged users to stay alert, noting that no official Ripple representative would ever ask individuals to send XRP. The warning included a reminder to avoid suspicious links and noted the importance of verifying accounts before engaging.
This alert is based on a pattern in the crypto space, as scam activity tends to rise when markets are bullish. One such example is the recent arrest of a Wellington-based man by the New Zealand Police in connection with a crime syndicate accused of stealing $450 million New Zealand dollars ($265 million). Crypto exchange Coinbase was also recently subjected to a phishing attack that resulted in the leak of a small fraction of user data.
At the time of writing, XRP is trading at $2.35, down by 8.7% in a seven-day timeframe.
Featured image from iStock, chart from Tradingview.com
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