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Ripple News: XRP Sees 85 Billion Tokens Transacted Monthly

August 29, 2024

Ripple Unicorn News - August 29, 2024

Bitnomial announces plans to launch XRP/USD Futures contracts, revealing an average monthly trade volume of 85 billion XRP tokens. This development could pave the way for a spot XRP ETF in the U.S., providing regulated exposure to XRP for investors.

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( 00:00:34 ) XRP Takes Center Stage in Digital Assets with 85 Billion Tokens Transacted Monthly

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On August 29, 2024, American derivatives firm Bitnomial announced plans to launch XRP/USD Futures contracts, igniting discussions about the potential for a spot XRP Exchange-Traded Fund (ETF) in the U.S. Bitnomial's submission to the Commodity Futures Trading Commission (CFTC) disclosed an average monthly XRP trade volume exceeding 85 billion tokens on cash markets. The proposal includes a spot month position limit of 300 million XRP, about 0.049% of the total supply, and a U.S. clearinghouse license, ensuring compliance with regulatory standards. This development could facilitate the creation of a regulated and accessible spot XRP ETF, offering new investment opportunities in the digital assets market.

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Sources

1 https://techreport.com/crypto-news/traders-transact-85-billion-xrp-tokens-monthly-on-cash-markets/

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