XRP futures trading on CME Group has surged to a combined $25.6 million in notional volume within its first two days of launch. It marks a strong debut for the altcoin’s entry into regulated derivatives markets. Meanwhile, XRP continues to trade below $2.50, dropping 7% in the past week.
According to official CME data and corroborating reports, 120 standard and 206 micro contracts were traded on May 19, totaling approximately 6.5 million XRP.
On May 20, the exchange logged 59 standard and 485 micro contracts, adding another 4.1 million XRP to the tally.
So, using XRP’s current market price of $2.39, the total trading volume across both days equals approximately $25.6 million.
XRP Futures Notional Volume on CME. Source: CME Group
This volume positions XRP’s debut ahead of other altcoin launches on CME. Solana (SOL) futures, which debuted in March 2025, recorded $12.3 million in first-day notional volume.
Futures Mirror XRP Spot Price, Hint at Stable Outlook
CME’s XRP futures are cash-settled and based on the CME CF XRP-Dollar Reference Rate. This is updated daily at 11 am Eastern Time.
This structure means the futures are pegged closely to the spot market. With XRP currently trading at $2.39, the futures contracts are not reflecting a premium or discount. This suggests traders expect price stability in the short term.
So far, there is no indication of strong bullish or bearish sentiment among futures participants. This could reflect broader market indecision or simply the fact that participants are using the contracts for hedging rather than speculation.
PancakeSwap (CAKE) has experienced a notable recovery recently, surging by 55% over the past week. This sharp rise has reversed the significant losses seen in late February, with the altcoin now trading at $2.68.
As the price has soared, traders and investors have become increasingly bullish, prompting a surge in trading activity and increased optimism for future price movements.
PancakeSwap Notes Surge In Whale Activity
In the past four days, whale addresses have accumulated 25 million CAKE tokens worth approximately $69 million. This massive accumulation follows a 50% surge in price over the past week, further fueling the positive market sentiment.
The increase in whale activity indicates strong confidence in PancakeSwap’s future prospects, suggesting that large investors expect further gains for the crypto coin.
The bullish sentiment is not just confined to the spot market. Whales’ actions have had a ripple effect, contributing to a broader market uptrend.
As the price continues to rise, the influence of these larger traders could drive additional interest from smaller investors, helping to maintain the upward momentum.
The overall macro momentum of PancakeSwap has shown a clear shift in favor of bullish market sentiment. One key indicator of this is the significant growth in Open Interest, which surged by 326% over the past week.
From $23 million to $98 million, this increase highlights that traders are increasingly betting on future price rises, particularly through long contracts in the Futures market.
The rise in Open Interest shows that the market is confident in the spot price and is also positioning for continued growth in the coming weeks.
This increased activity in Futures contracts suggests that traders are preparing for further upward price action, supporting the case for additional gains in CAKE’s price.
CAKE has seen a remarkable 81% price increase over the last ten days, bringing its price to $2.67. In doing so, the altcoin has successfully erased the 47% losses it experienced in late February. The rapid price recovery suggests that there is significant momentum behind the asset.
Currently, PancakeSwap faces a resistance level of $2.85, which has not been established as support since early 2025. If the momentum persists, CAKE could break through this barrier and potentially surpass $3.00.
A successful breach of this level would suggest that the altcoin is poised for further growth.
However, if CAKE fails to break through the $2.85 resistance, it could retreat to $2.30. Such a drop would erase recent gains and invalidate the bullish outlook, possibly signaling a temporary halt in the recovery trend.
As we enter Q2 of 2025, the global crypto market finds itself steering a complex intersection of macroeconomic and geopolitical pressures.
BeInCrypto spoke with analysts Leena ElDeeb of 21Shares and Max Shannon of CoinShares, who offer distinct but insightful perspectives on the crypto space’s outlook for the new quarter.
Bitcoin’s Future: Bullish or Bearish?
The two analysts share a bullish outlook on Bitcoin, albeit with differing views on its short-term fluctuations. Leena ElDeeb sees the potential for Bitcoin to surpass $90,000, driven by macroeconomic factors such as a possible rate cut by the US Federal Reserve.
“February’s softer-than-expected CPI print boosted rate cut expectations. If rate cuts materialize, a wave of liquidity could reignite bullish momentum, pushing equities and Bitcoin past key resistance levels,” she told BeInCrypto.
In her view, Bitcoin could eventually hit a range between $150,000 and $200,000 by the year’s end, bolstered by growing regulatory clarity and political support, such as President Trump’s proposal for a strategic crypto reserve.
Max Shannon, on the other hand, remains more cautious about Bitcoin’s immediate future. He predicts that Bitcoin will continue to trade within a wide range of $70,000 to $90,000 in Q2, constrained by persistent tariff issues.
“The moment they [tariffs] get lifted will likely be a massive boon for the equities and crypto market,” he notes, indicating that a resolution could pave the way for Bitcoin’s next big move.
Both analysts acknowledge Ethereum’s struggles, particularly its nearly 40% drop in Q1. However, they also highlight key developments that could support a recovery in the next quarter.
ElDeeb points to Ethereum’s upcoming upgrade, the Pectra upgrade, which is expected to improve staking and network scalability.
“Ethereum’s staking is also about to be improved with the launch of Pectra. These changes are expected to boost the appeal of staking-enabled products,” she explained.
Additionally, she sees growing competition from other blockchain platforms like Solana and Sui, which are attracting retail users with faster and cheaper transactions. Despite this, ElDeeb remains optimistic about Ethereum’s long-term potential, particularly as scalability solutions begin to take effect.
Shannon is more skeptical of Ethereum’s future, specifically with its ongoing challenges in both the monetary and smart contract spaces.
“Ethereum is attempting to function both as a monetary asset, where it struggles to compete with Bitcoin, and as a smart contract platform, where it faces strong competition from Solana,” the CoinShares analyst stated.
Shannon also highlights Ethereum’s changing monetary policy and the increasing technical debt as concerns that could limit its growth in the short term.
The rise and fall of celebrity meme coins like TRUMP, MELANIA, and LIBRA were hot topics in Q1 2025. Both analysts agree that the hype around this category of tokens is unlikely to be sustained in the long run.
“The forthcoming cryptocurrency market rally is anticipated to be driven by significant advancements in decentralized finance (DeFi), particularly through innovative mechanisms that enhance token holder engagement,” she notes, citing Aave’s recent proposal to share revenue with AAVE token holders as a prime example of this trend.
On the flip side, Shannon suggests that the decline in meme coins and altcoins could be a sign of broader challenges in the altcoin market.
“The Melei controversy, pump.fun decline, and declining centralized and decentralized exchange volumes show altcoins could have a very hard time this year in my opinion,” he cautions.
As trading volumes continue to drop, Shannon forecasts that altcoins may continue to underperform.
“Even in a BTC bull run altcoins could underperform,” the analyst added.
The Road Ahead
Looking ahead to Q2 2025, both ElDeeb and Shannon anticipate continued market volatility. External macroeconomic conditions like US tariffs, interest rate decisions, and geopolitical factors will largely shape the market.
While ElDeeb maintains a generally optimistic view, predicting a recovery for both Bitcoin and Ethereum, Shannon advises caution, particularly with altcoins.
For investors, diversification remains key. ElDeeb emphasizes the value of Bitcoin’s fixed supply and decentralization, which have historically helped it recover from turbulent periods.
“We consider these market corrections as great market entry points,” she says.
Shannon, meanwhile, stressed the importance of caution in navigating the altcoin space. He added that Bitcoin could be the best bet for those seeking stability.
