Chicago-based derivatives giant CME Group has announced that it is on track to launch XRP futures.
The highly anticipated product is set to debut on May 19 after obtaining regulatory approval.
CME Group's Giovanni Vicioso claims that the token has experienced increasing interest from both retail and institutional investors.
Earlier this year, Bitnomial and Coinbase Derivatives also launched regulated futures in the U.S. Notably, Coinbase XRP futures, which launched earlier this week, debuted with a rather impressive trading volume.
In March, CME Group introduced regulated futures for Solana (SOL), but they had a rather underwhelming start. It remains to be seen how the XRP futures will perform since it will be a strong indicator of institutional interest.
The price of XRP is down 4.3% over the past 24 hours despite the announcement.
The fact that CME accidentally leaked its XRP futures plans in January possibly explains why the price reaction is so muted. A beta page with the product was spotted on the website of the derivatives giant. Back then, CME quickly moved to downplay the leak, claiming that it was an error. However, following the launch of Solana futures, which were also part of the leak, it became clear that an XRP-related announcement was just a matter of time.
Vladislav Sopov
Dan Burgin