CME Overtakes Binance as Largest XRP Futures Venue Amid Price Rally

CME Group has become the largest venue for XRP futures trading, surpassing Binance in terms of open interest by notional value. The surge in CME's open interest from 284 million XRP on August 17 to 387 million XRP on August 31 represents a 36% increase over two weeks.

XRP's price also saw a significant rise, climbing from around $0.99 to $1.38, giving the token a gain of nearly 40%. This indicates stronger activity from professional market participants, as CME now accounts for roughly 17% of total XRP futures open interest, up from about 10% in mid-August.

The wider futures market shows a different trend, with total XRP futures open interest across all exchanges dropping by approximately 16%. However, CME continued to add positions while the rest of the market reduced exposure. This suggests that the recent rally may not have depended heavily on speculative leverage from offshore exchanges.