XRP Futures Kick Off on CME with $1.5M in Day-One Trades, Marking Institutional Progress

XRP took another step into the institutional spotlight as futures contracts for the digital asset launched on the CME Group’s derivatives platform on May 19, clocking in over $1.5 million in notional volume during the inaugural trading session.

Trading activity on day one included 4 standard contracts, each tied to 50,000 XRP, totaling roughly $480,000. However, most of the volume came from 106 micro contracts—sized at 2,500 XRP apiece—which pushed the majority of day-one trade to over $1 million.

Both contract types are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate, published daily at 4:00 p.m. London time, ensuring price transparency and consistency across the market.

CME’s two-tier contract approach is designed to appeal to both institutional traders and retail market participants, allowing greater flexibility and market access for a wide range of trading strategies.

Ripple CEO Brad Garlinghouse applauded the launch on social media, calling it a “key institutional milestone” for XRP. He also noted that Hidden Road executed the first block trade, further emphasizing the institutional tone of the debut.

This development follows the CFTC’s designation of XRP as a commodity, removing a major regulatory hurdle and allowing CME to bring the product to market.

The launch also reignites speculation around a potential spot XRP ETF, with ETF Store President Nate Geraci saying it’s now just “a matter of time.”

“CME-traded XRP futures are now live,” Geraci wrote on X.
“Spot XRP ETFs only a matter of time.”

While volumes were modest compared to BTC or ETH futures launches, analysts view XRP’s arrival on CME as a pivotal step in price discovery and market maturity—especially as U.S. institutions continue deepening their exposure to regulated crypto derivatives.