XRP Futures Make $1.5M Splash on First Day of CME Trading

CME Launches XRP Futures with $1.5M in Day-One Activity, Signaling Institutional Thaw

XRP futures officially went live on CME Group’s derivatives exchange on May 19, opening the door to regulated exposure for one of crypto’s largest assets. Early data indicates a combined $1.5 million in first-day trading volume, as market participants cautiously tested the waters.

The session saw 4 standard contracts—each representing 50,000 XRP—change hands, translating to roughly $480,000 in notional volume at an average execution price of $2.40. However, the bulk of activity stemmed from 106 micro contracts (2,500 XRP each), contributing an additional $1 million+ to the tally.

These cash-settled contracts track the CME CF XRP-Dollar Reference Rate, a daily benchmark set at 4:00 p.m. London time, ensuring institutional-grade pricing and transparency.

CME’s introduction of both standard and micro contracts is seen as a strategic move to accommodate a wide spectrum of investors—from hedge funds and market makers to smaller trading firms—looking to gain or hedge XRP exposure within a regulated U.S. framework.

Ripple CEO Brad Garlinghouse called the debut a “landmark moment,” noting in a post on X that Hidden Road had facilitated the first block trade. The launch was made possible by the CFTC’s classification of XRP as a commodity, which cleared the regulatory pathway for derivatives listing.

The new futures contracts may also help build the case for a long-awaited spot XRP ETF, which is still under review by the SEC. ETF Store President Nate Geraci commented on the launch, stating:

“CME-traded XRP futures are now live. CFTC-regulated contracts on XRP. Spot XRP ETFs only a matter of time.”

Although the initial trading volume appears modest, market analysts believe it reflects a cautious but positive signal. Like bitcoin and ether futures before it, XRP’s presence on CME could eventually become a benchmark for price discovery, especially during U.S. market hours.