XRP is making headlines again as it becomes the fastest digital asset to reach $1 billion in open interest on the CME Group, according to the latest market data. This surge in institutional and retail interest has prompted some analysts to forecast what may become the most polarizing rally in crypto history.

XRP Hits $1B Open Interest Milestone on CME

In a recent update, CME Group revealed that the total open interest across its crypto futures markets has exceeded $30 billion. XRP stood out by achieving the $1 billion threshold faster than any other digital asset listed on the exchange. This milestone comes just over three months after XRP futures debuted on May 19, 2025, highlighting its rapid traction in the derivatives market.

Since launch, over 251,000 XRP futures contracts have been traded on CME, totaling a notional volume of $9.02 billion. The contracts are averaging $143 million in daily volume, with a peak trading day of $235 million logged in July.

CME’s rapidly growing XRP futures market underscores growing institutional interest in the asset.

Investors can choose between two contract sizes: a standard offering of 50,000 XRP and a micro version comprising 2,500 XRP. Both contracts are fully cash-settled and priced using the CME CF XRP-Dollar Reference Rate. This structure supports better liquidity, tighter bid-ask spreads, and deepens institutional presence.

ETF Speculation Grows with Rising Futures Activity

The astonishing growth of XRP’s futures activity has reignited talks about a potential U.S. spot exchange-traded fund (ETF) for XRP. According to recent filings, firms such as Canary Capital, WisdomTree, and Grayscale have updated their ETF applications following court rulings in the Ripple case.

Polling data on Polymarket suggests an 82% probability that SEC approval for an XRP ETF could arrive before the end of 2025. The regulatory agency is expected to make critical decisions on these applications in October.

“Most Hated Rally” May Be Approaching

Crypto analyst Zach Rector believes XRP could be on the cusp of a highly controversial rally, dubbing it the “most hated rally” in the sector. Citing the asset’s divisive reputation and newfound momentum, Rector expressed confidence that XRP might defy industry skepticism once again.

Supporting this outlook, market analyst CryptoInsightUK shared technical analysis showing that XRP/USD is holding steady with a relative strength index near 40. The token’s resilience suggests that a short streak of upward movement could trigger broader bullish momentum.

Technical indicators hint at building bullish pressure for XRP pairs despite market uncertainty.

In terms of the XRP/BTC chart, CryptoInsightUK noted a bullish RSI crossover alongside the token’s ability to hold above key levels, even amid market pullbacks. Notably, XRP is now retesting a resistance zone that has capped its performance for six years—any breakout may be historically significant.

Six-year resistance tested again—XRP holding strong against Bitcoin in latest technical review.

Against Ethereum, too, XRP continues to show promise. The asset has bounced off a long-term resistance-turned-support level, indicating stronger fundamentals than usual. While a sustained uptrend has yet to establish, the divergence from overall crypto behavior is noteworthy.

XRP may be carving out its own trend versus Ethereum, hinting at a potential market shift.

Current Market Overview and Outlook

At the time of writing, XRP is priced at $2.9, marking a modest 0.87% dip over the last 24 hours. According to Coinglass, global open interest in XRP futures remains firm above $7 billion, despite a 4.23% daily decline. This stability suggests traders maintain strong conviction in XRP’s near-term price trajectory.

Related: XRP Price: $12M Max Pain for Bears

With growing institutional participation, mounting ETF expectations, and solid technical setups, XRP appears to be preparing for a pivotal move. Whether this initiates a rally that confirms its controversial status as the “most hated” bull run remains to be seen—but all eyes are certainly on XRP.