XRP Futures Contracts Launch on CME with $1.5 Million Trading Volume
XRP futures contracts commenced trading on CME Group's derivatives platform on May 19, with a trading volume of $1.5 million in the first session.
- Four standard contracts (50,000 XRP each) traded, totaling approximately $480,000 at an average price of $2.40.
- 106 micro contracts (2,500 XRP each) accounted for over $1 million in additional volume.
- The contracts are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate, published daily at 4:00 P.M. London time.
- CME’s dual contract structure targets both institutional and smaller participants.
Ripple CEO Brad Garlinghouse noted this launch as a significant institutional milestone for XRP. The Commodity Futures Trading Commission (CFTC) classified XRP as a commodity, enabling CME to offer these products.
Analysts suggest the debut may bolster prospects for a spot XRP ETF. Early trading volumes, while modest, could enhance market dynamics for XRP, paralleling the impact of BTC and ETH futures on U.S. market openings.