XRP Leads Altcoin Rally as CME Futures Top $30B
Altcoins rebounded sharply on Tuesday after a 48-hour sell-off, with traders using lower prices as a re-entry point. XRP led the gains, climbing 6%, while Solana (SOL) and Dogecoin (DOGE) rose about 4.5% each, and Ethereum (ETH) added 5%. XRP’s open interest increased 4.2%, highlighting renewed speculative activity.
The move came as CME Group reported crypto futures hitting $30 billion in notional open interest. SOL and XRP contracts each surpassed $1 billion, with XRP becoming the fastest to reach the mark in just over three months. Analysts see this milestone as evidence of growing institutional adoption and potential interest in a spot XRP ETF.
The broader market strengthened, with the CoinDesk 20 Index up 3.6%, while Bitcoin (BTC) crossed back above $111,000. However, Santiment cautioned that elevated optimism around a potential Fed rate cut in September could precede a correction, making traders wary ahead of Friday’s PCE Price Index release.
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