The world’s largest futures and options exchange, CME Group, announced at the end of April that it would launch XRP futures on May 19, subject to regulatory approval.
According to the announcement, XRP futures were launched on CME on May 19, joining crypto products that include Bitcoin (BTC), Ethereum (ETH), and futures.
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According to the data, CME XRP futures contracts recorded trading volumes of over $19 million on their first day and at least $10 million on their second day.
XRP futures have surpassed Solana’s $12.3 million first day of trading.
According to the statement made by CME, the launched XRP futures offer investors the opportunity to trade both micro contracts containing 2,500 XRP and larger contracts containing 50 thousand XRP.
CME XRP futures are settled in cash and are based on the CME CF XRP-Dollar Reference Rate, which is used as the daily reference rate for the XRP price in the US dollar and is calculated daily at 16:00 London time.
Market participants view the launch of regulated XRP futures contracts as a potential step towards approval of a spot XRP ETF in the United States.
At this point, ETF Store President Nate Geraci also stated in his post that it is only a matter of time for the spot XRP ETF to be approved after futures XRP transactions, implying that he is certain that the XRP ETF will be approved.
Despite a strong outflow from futures contracts, the spot price of XRP has remained relatively stable, trading around $2.35.
*This is not investment advice.
