Ripple (XRP) Futures Trading Debuts on CME: Will a Spot ETF Follow?

Jakarta, Pintu News – On May 19, Ripple (XRP) futures trading on the Chicago Mercantile Exchange (CME) recorded a nominal trading volume of $19 million. This marks the first time Ripple (XRP) has traded in the form of regulated futures, joining Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The futures product is available in large-sized contracts of 50,000 XRP and micro versions of 2,500 XRP, all of which are cash-settled.

Comparison with Solana (SOL)

On the day of its launch, trading volume reached 150 contracts, which is equivalent to a nominal volume of about $19 million. However, on the second day, the volume dropped by 50% to 59 contracts. If the average reference price is $2.53, this translates to a volume of about $7.59 million.

In comparison, the Solana (SOL) futures launched on March 17 attracted only $12.1 million in volume. This shows that Ripple (XRP) surpassed Solana (SOL) by a margin of over $7 million and shows similar potential to other top crypto assets by market capitalization.

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Spot ETF Potential in the United States

The launch of this futures product makes it easier for institutions to speculate and implement hedging strategies on Ripple (XRP), which in turn increases market liquidity. This move may be a step towards another goal – the approval of Spot ETFs in the United States. According to Nate Geraci of ETF Store, ETF approval is only a matter of time after CME futures are launched.

Previously, Spot ETFs for Bitcoin (BTC) and Ethereum (ETH) were also launched after their futures became available on CME. Since CME announced plans for Ripple (XRP) futures in April, the odds of Spot ETF approval in the US for Ripple (XRP) have increased by more than 10%, from 63% to 83%, according to data from Polymarket.

Market Dynamics and Bitcoin (BTC) Dominance

While the launch of Ripple (XRP) futures did not significantly boost speculative interest, it does reflect a broader cooling of the market after the recovery in April-May. Since mid-May, the level of Open Interest (OI) for Ripple (XRP), or money parked in the Ripple (XRP) derivatives market, has fallen from $5.5 billion to $4.5 billion. This indicates a short-term bearish sentiment.

Meanwhile, Bitcoin’s (BTC) dominance increased by 3.6% from mid-May, from 62% to over 64% after experiencing a sharp drop in early May. This recovery of Bitcoin (BTC) dominance means altcoins like Ripple (XRP) are temporarily sidelined unless capital flows from Bitcoin (BTC).

Conclusion

With support above the trendline, opportunities for Ripple (XRP) bulls are still open despite resistance at $2.6. Going forward, market dynamics and the development of derivative products such as futures may provide further indications regarding the adoption and integration of Ripple (XRP) in the mainstream financial ecosystem.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• AMB Crypto. XRP Futures Debut Hits $19 Mln in Trading Volume, Is a Spot ETF Next?. Accessed on May 22, 2025
• Featured Image: Cryptoslate