The first month of trading for XRP and Micro XRP futures launched on the Chicago Mercantile Exchange (CME) on May 19, 2025, has seen high interest from both institutional and retail participants.
Overall Trading Activity Metrics
XRP and Micro XRP futures garnered significant attention with a total trading volume of $542 million in their first month. Nearly half of the trading, about 45%, originated from participants outside North America. On the first day, the contracts generated $19.3 million in volume, with involvement from 15 institutional firms and four retail trading platforms.
Contract Structure and Features
CME’s XRP futures are available in two contract sizes: standard with a multiplier of 50,000 XRP and Micro XRP (MXP) with a multiplier of 2,500 XRP. This variety allows traders and institutions to flexibly manage their market exposure based on their strategies and risk levels. Both contracts are financially settled, eliminating the need for physical delivery of the underlying cryptocurrency, thus simplifying the process for institutional investors.
XRP Ecosystem Developments
The first month of CME futures trading coincided with several significant events in the XRP ecosystem. In early 2025, Ripple acquired the brokerage firm Hidden Road for $1.25 billion, enhancing XRP liquidity in over-the-counter markets. Additionally, Ripple introduced the new US dollar-backed stablecoin RLUSD, which has already secured regulatory approval in Dubai and is expanding support for fiat payment methods.
Thus, the successful launch of XRP and Micro XRP futures on CME illustrates significant interest from both institutional and retail market participants, indicating a growing demand for regulated instruments in the cryptocurrency space.
