Coinbase Files for XRP Futures with CFTC, Launch Expected by April 21
On April 3, Coinbase submitted a filing for XRP futures to the US Commodity Futures Trading Commission (CFTC), with plans to launch the product by April 21. Key details include:
- The futures contract, symbol XRL, is monthly cash-settled and margined.
- Each unit represents 10,000 XRP, approximately valued at $20,000 at the current price of $2 per token.
- Trading will pause if XRP's price increases over 10% in one hour.
- Coinbase has communicated with Futures Commission Merchants (FCMs) and market participants regarding this launch.
- In March, Bitnomial launched CFTC-regulated XRP futures, making Coinbase not the first in the US market.
- XRP futures trading is also available on major exchanges like Binance, OKX, Bybit, and BitMEX.
XRP Price Overview
XRP has dropped 8.53% over the past week, currently trading at $2.05, a critical support level. Daily trading volume decreased by 30% to $4.79 billion, indicating bearish sentiment. XRP funding rates are now negative, affecting price equilibrium in futures markets.
For upward momentum, XRP must break resistance at $2.34 to potentially reach $3.