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Moscow Exchange launched an official XRP index and futures, while on-chain data shows whale accumulation and ETF inflows outpacing Bitcoin.
Russia’s Moscow Exchange has launched an official XRP index and ruble-settled futures, providing regulated access for qualified investors [2]. This development coincides with a surge in accumulation by large holders, as on-chain data indicates whale wallets have reached a multi-year high [2].
Key takeaways
The Moscow Exchange introduced the MOEXXRP index on May 13, a benchmark that tracks the XRP/USDT trading pair using weighted pricing data from major global exchanges [3]. The following day, the exchange launched ruble-settled XRP futures contracts with monthly expirations, available exclusively to qualified investors [2]. This infrastructure allows Russian institutions to gain XRP exposure within the local financial system rather than relying on foreign exchanges [2]. The exchange already hosts over 62,000 derivatives clients actively trading its existing Bitcoin and Ethereum futures contracts [2].
On-chain analytics firm Santiment reports that the number of wallets holding at least 10,000 XRP reached 332,230 in mid-May, an all-time high for that tier [2]. Larger holders, defined as wallets with 10 million XRP or more, added 1.2 billion tokens in the first quarter of 2026 alone, marking the largest quarterly accumulation since 2023 [2]. This cohort now controls approximately 68.5% of the circulating supply, the heaviest concentration since 2018 [2]. The accumulation trend has persisted despite XRP trading around $1.32, which is roughly 64% below its peak of $3.65 from July 2025 [2].
The accumulation in Russia occurs alongside significant legislative and corporate developments in the United States. On May 14, the Senate Banking Committee passed the CLARITY Act by a 15-9 vote, a bill intended to lock XRP’s commodity status into federal law [1]. However, corporate partnerships have not yet translated to sustained price increases. Major deals in 2026, such as integrations with Deutsche Bank and Kbank, primarily utilize Ripple’s enterprise software or settle in fiat currencies rather than XRP itself [1]. Consequently, the price faces resistance near $1.45, where a roughly $1.16 billion supply overhang from holders waiting to break even has stalled previous rallies [1].
The launch of the Moscow Exchange index is additive rather than transformative for XRP, signaling that another major national exchange treats the asset as regulated and institutional-grade [2]. While the exchange launch alone is unlikely to drive a price rally, the persistent accumulation by whales suggests strong long-term positioning by major holders despite current price stagnation [2]. Future price movement may depend on the CLARITY Act becoming law, which analysts suggest could provide the legal cover necessary for institutions to use XRP as a settlement asset rather than just a fee token [1].
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jun 3, 2026 · How we report
Sources report that Ripple’s products increasingly use the stablecoin RLUSD instead of XRP, and the token’s price is largely speculative, leading to a divergence between the token’s performance and the company’s valuation.
RLUSD is a stablecoin pegged to the U.S. dollar that offers a less volatile bridge asset for cross‑border payments, potentially cannibalizing XRP’s use in the ledger.
According to the sources, the lawsuit concluded in 2025 with a lighter fine and a ruling that XRP was not an unlicensed security when sold to retail investors, leading to relisting on exchanges.
Ripple secured full MiCA licensing in Europe, enabling payments across 30 countries, and may benefit from the upcoming U.S. Digital Asset Market Clarity Act.
Sources suggest that Ripple’s equity may have more long‑term upside due to diversified products, while XRP’s value remains tied to speculation and volatility.