Ripple (XRP) Winds in the Markets! A Record Came on the First Day, One Step Closer to Approval of Spot XRP ETF!

The world's largest futures and options exchange CME Group announced at the end of April that it would launch XRP futures on May 19, pending regulatory approval.

According to the announcement, XRP futures were launched on May 19 at CME and joined crypto products including Bitcoin (BTC), Ethereum (ETH) and futures.

According to the data, CME XRP futures contracts recorded over 19 million dollars in trading volume on their first day and at least 10 million dollars on the second day.

XRP futures trading has surpassed Solana's $12.3 million first trading day.

According to the announcement made by CME, the launched XRP futures contracts provide investors with the opportunity to trade both micro contracts containing 2,500 XRP and larger contracts containing 50,000 XRP.

CME XRP futures contracts are settled in cash, and the CME CF XRP -Dollar Reference Rate, which is used as the daily reference rate for the price of XRP in US dollars and is calculated daily at 16:00 London time, is taken as the basis for the transactions.

Market participants view the launch of regulated XRP futures contracts as a potential step towards the approval of the spot XRP ETF in the US.

At this point, ETF Store President Nate Geraci also stated in his post that the approval of the spot XRP ETF is only a matter of time after the futures XRP transactions, implying that he views the approval of the XRP ETF as a certainty.

Despite a strong surge in futures contracts, the spot price of XRP remains relatively stable, continuing to trade around $2.35.