XRP Futures Go Live on CME: Hidden Road Clears First Block Trade

The post XRP Futures Go Live on CME: Hidden Road Clears First Block Trade appeared first on Coinpedia Fintech News

XRP just hit a milestone—regulated futures are now live on the CME, one of the world’s largest exchanges. This is the first regulated XRP futures contract in the U.S and could be a game-changer for XRP’s price, boosting the chances of an XRP ETF approval in the near future.

A Win for Institutions?

The regulated futures for XRP and Micro XRP will allow traders to bet on XRP’s price without owning it. CME already offers futures for Bitcoin, Ethereum, and Solana, plus options for Bitcoin and Ethereum. CEO Brad Garlinghouse commented on this development, calling it a “key institutional milestone for XRP”.

He added that as soon as CME trading for XRP futures began, the first large trade (block trade) was successfully processed by Hidden Road, a financial firm that acts as a clearing partner.

The futures reached over $15.6 million in trading volume by 9:20 PM UTC. CME saw 120 standard contracts trade at around $2.40 each, totaling about $14.3 million (each contract equals 50,000 XRP). Besides, 206 micro contracts (2,500 XRP each) added $1.2 million in volume.

CME Group’s Giovanni Vicioso explained that the rising interest in XRP and its ledger (XRPL) from both institutions and retail traders has driven the launch of new futures contracts. These contracts offer investors efficient tools to support their trading and risk management strategies.

Could an ETF Be Next?

Nate Geraci, President of ETF Store , said that since CME-traded XRP futures are now live, spot XRP ETFs are just a matter of time and could arrive soon.

Bitcoin price surged when Bitcoin launched on the CME futures market but quickly crashed. A similar reaction was expected for XRP, an initial price spike followed by a correction. However, XRP has remained muted to the announcement until now.

Nevertheless, XRP bulls are optimistic over the new futures trading that could bring in institutional money, boost volume, and price stability. XRP is currently trading around $2.38, with bulls eyeing a return to $3, a level not seen since 2018.

However, analyst Ali Martinez warned that XRP could return to $2 if it loses the critical $2.30 support level. It is still facing pressure from its unsettled lawsuit that is yet to be finalised.

Any positive developments in the case could improve the chances of an XRP ETF approval shortly.