Claim $500XRP News: CME Group To Launch XRP Futures On May 19
Highlights
- CME Group plans to launch an XRP futures on its derivatives exchange.
- This provides a bullish outlook for the XRP price.
- The futures launch could pave the way for the launch of a spot XRP ETF.
In a massive development, the CME Group has revealed plans to expand its derivative offerings with XRP futures. This provides a bullish outlook for the XRP price, as this move could pave the way for the launch of a spot XRP ETF.
CME Group To Launch XRP Futures
In a press release, CME Group announced plans to launch XRP futures on May 19, pending regulatory approval. The derivatives exchange revealed that market participants will have the choice to trade both a micro-sized contract (2,500 XRP) and a larger-sized contract (50,000 XRP).
Commenting on this development, Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, said,
“As innovation in the digital asset landscape continues to evolve, market participants continue to look to regulated derivatives products to manage risks across a wider range of tokens. Interest in XRP and its underlying ledger (XRPL) has steadily increased as institutional and retail adoption for the network grows, and we are pleased to launch these new futures contracts to provide a capital-efficient toolset to support clients’ investment and hedging strategies.”
The exchange stated that it will settle the XRP futures in cash and based on the CME CF XRP-Dollar Reference rate, which serves as a once-a-day rate of the XRP price in USD and is calculated at 3 pm UTC.
The XRP futures will be the fourth crypto addition on the exchange. CME Group already offers Bitcoin and Ethereum futures and recently added Solana futures in March.
This development is significant as it could pave the way for the launch of a spot XRP ETF. The court in the Grayscale case ruled that there was no difference between the futures and spot markets. As such, the existence of a futures market means the SEC has no plausible reason to deny a spot XRP ETF.
As CoinGape reported, XRP and Solana are currently leading the ETF race over other altcoins. The launch of the futures contract further solidifies the altcoin’s edge in the ETF race. Meanwhile, the CME Group futures launch is also bullish for the XRP price.
Ripple CEO Reacts To The Futures Launch
In an X post, Ripple CEO Brad Garlinghouse reacted to the CME Group futures launch. He stated that while it is overdue in several ways, it is an incredibly important and exciting step in the continued growth of the XRP market.
As CoinGape recently highlighted, the Ripple CEO and the crypto firm continue to drive XRP’s expansion, including through Ripple’s payment service. Meanwhile, legal expert John Deaton stated that XRP holders’ victory over the US SEC regarding XRP’s status continues to grow.
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