In a strong debut that’s catching the eye of market watchers, XRP futures on the Chicago Mercantile Exchange (CME) have already clocked nearly $30 million in trading volume since launching this week, renewing speculation about a potential U.S.-listed spot XRP ETF.
The CME’s new futures contracts—available in standard sizes of 50,000 XRP and micro versions of 2,500 XRP—are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate. That rate is calculated daily at 15:00 UTC and serves as the basis for settlement.
On Monday, the contracts racked up over $19 million in notional volume. The first trade, a large block order, was cleared by digital asset prime broker Hidden Road on May 18. By Tuesday, trading volume remained steady with an additional $10 million in activity.
Breaking down the numbers, standard XRP futures recorded 7.5 million XRP in volume on day one and 2.95 million XRP on the second day. Micro contracts saw 517,000 XRP on Monday and more than doubled to at least 1.2 million XRP on Tuesday.
For many in the market, the significance goes beyond just trading volumes. Market participants interpret the debut of regulated XRP futures on a major exchange like CME as a potential stepping stone to a spot XRP ETF—something that has long been anticipated.
“Spot XRP ETFs only a matter of time,” said Nate Geraci, president of the ETF Store, in a post on X (formerly Twitter) on Monday.
With institutional appetite clearly present, the conversation around an XRP ETF is heating up again—this time with momentum behind it.
Also Read: XRP Ledger 2025: EVM Sidechain, Smart Contracts, Axelar Tie-up
