XRP Futures Make Quiet but Significant Debut on CME with $1.5M in First-Day Volume
XRP futures officially launched on the CME Group’s derivatives platform on May 19, marking a major regulatory and institutional milestone for the token, even as trading volumes on day one remained relatively restrained.
According to preliminary data from CME, trading volume totaled around $1.5 million, split between 4 standard contracts—each representing 50,000 XRP—and 106 micro contracts, which represent 2,500 XRP each. The average trade price hovered around $2.40, putting notional volume for the standard contracts at roughly $480,000, with the bulk of activity in micro contracts contributing over $1 million.
These cash-settled contracts are pegged to the CME CF XRP-Dollar Reference Rate, which is published daily at 4:00 p.m. London time. By offering both standard and micro sizes, CME aims to cater to a diverse spectrum of market participants, from institutional hedgers to retail-oriented traders.
Ripple CEO Brad Garlinghouse hailed the launch on X (formerly Twitter), calling it a “key institutional milestone” for XRP. He noted that the first block trade was executed by Hidden Road, a prime broker increasingly active in digital asset markets.
The CME listing comes on the heels of the CFTC’s classification of XRP as a commodity, paving the way for its inclusion in regulated U.S. derivatives markets.
Market observers suggest the futures launch may lay the groundwork for a spot XRP ETF, with ETF Store President Nate Geraci reiterating that it’s “only a matter of time.”
“CME-traded XRP futures are now live…
CFTC-regulated contracts on XRP.
Spot XRP ETFs only a matter of time,”
— Nate Geraci (@NateGeraci), May 19, 2025
Although early volume trails the debuts of BTC or ETH futures, analysts argue that XRP’s entry into the CME ecosystem enhances price discovery, particularly during key U.S. trading hours—potentially signaling broader institutional interest ahead.
