Ripple CEO Brad Garlinghouse has also responded to CME Group's XRP futures announcement, describing the launch as "incredibly important."
Garlinghouse claims that it is "an exciting step" in the continued growth of the XRP market.
As reported by U.Today, CME Group announced that the product would be launched on May 19.
Even though CME Group is not the first market player to introduce regulated XRP futures but it is certainly the biggest one. Hence, the launch of the aforementioned futures product will be a watershed moment for the XRP token.
According to the data provided by analytics firm CoinGlas, CME Group accounts for the biggest share of the Bitcoin futures open interest ($13.14 billion out of $65 billion). It is ahead of such crypto-native giants as Binance and OKX.
CME Group launched Bitcoin futures back in January 2018, which coincided with the start of a devastating bear market.
In February 2021, the Chicago-based derivatives behemoth introduced Ethereum (ETH) futures. CME Group's current Ethereum futures OI stands at $1.32 billion.
The SEC approved spot-based Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in 2024.
The lack of regulated futures was viewed as a major hindrance to the approval of a spot XRP ETF. With this out of the way, the odds of an XRP ETF being approved in 2025 by the new SEC administration are extremely high.
As reported by U.Today, XRP and Solana are in the lead by the number of ETF filings in the U.S.
Vladislav Sopov
Dan Burgin