Additionally, 206 micro contracts, each representing 2,500 XRP, were traded throughout the day, recoding over $1.2 million in volume.
The XRP futures contracts are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate, which is calculated daily at 4:00 P.M. London time.
The dual contract structure accommodates a range of trading strategies, from retail hedging to institutional portfolio management.
He cited growing interest in the XRP Ledger (XRPL) and increasing adoption of XRP as catalysts behind the product’s launch.
CME’s decision to list XRP futures followed the Commodity Futures Trading Commission’s (CFTC) classification of XRP as a commodity in ongoing regulatory matters.
In addition to appeasing the growing institutional interest in regulated XRP exposure, the availability of CFTC-regulated XRP futures now provides a critical market signal for proponents of a spot XRP ETF.
Analysts historically saw the presence of regulated futures markets as a key factor in meeting the SEC’s criteria for evaluating spot crypto ETF proposals.
