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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.
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.