The XRP futures contract for the Chicago Mercantile Exchange (CME) recorded an estimated trading volume of more than $19 million on the first day, reaching at least $10 million on Tuesday.
The first transaction, the block transaction, was cleared by Hidden Road on May 18th. CME’s XRP futures are available in two sizes: standard contract, representing 50,000 XRP, representing 2,500 XRP. Both have cash sets and benchmarked at CME CF XRP dollar reference rates and are calculated daily at 15:00 UTC.
The standard contract scored a volume of 7.5 million XRP on Monday and 2.95 million XRP on Tuesday, while the micro contract scored 517,000 XRP on Monday and at least 1.2 million XRP on Tuesday.
Market participants see the launch of these regulated futures contracts as a step towards potential approval of the US Spot XRP Exchange-Traded Fund (ETF).
“Spot XRP ETF is just a matter of time,” Nate Gelach, president of ETF Store, said on X-Post Monday.
Despite the strong debut of futures contracts, XRP’s spot prices remained relatively stable, trading at around $2.38, a slight increase in the past 24 hours.