The XRP term contracts began to negotiate on the CME group derived from the CME group on May 19, registering at least 1.5 million dollars in the volume of negotiation during the first session, a modest but notable start for the major token.
CME data shows 4 standard contracts (each representing 50,000 XRP) negotiated on the first day, totaling about $ 480,000 in notional volume at an average price of $ 2.40. The majority of activities came from 106 micro-contracts (2,500 XRP each), representing more than a million dollars in additional volume.
The contracts are in cash and compromised at the CME CF XRP-Dollar reference rate, which is published daily at 4:00 p.m. London time. The structure of the double CME contract is designed to attract both institutional actors and small participants, offering flexibility for various coverage and trading strategies.
“The launch of Futures XRP regulated on @CMegroup marks a key institutional step for XRP”, published the CEO of Ripple Brad Garlinghouse on Monday. He added that Hidden Road has executed the first trade in blocks.
The list follows the classification of the CFTC of XRP as a commodity, a regulatory green light which cleaned the path so that CME offers these products.
Analysts say that the beginnings could also strengthen the case of an ETF XRP Spot, the president of the store ETF, Nate Geraci, saying that such a product is “only a matter of time”.
While the first volumes may seem modest, the inclusion of XRP on CME widens market dynamics for the major token in terms of price discovery, similar to the way in which the action of the price on BTC and the contracts on the ETH is assigned when the American market opens.
