The highly anticipated CME Group XRP Futures ETF is set to debut on May 19, 2025, marking a pivotal moment for Ripple enthusiasts amid delays in the approval of a U.S. spot ETF. The futures-based ETF, priced using the CME CF XRP-Dollar Reference Rate, will feature two distinct contract sizes: a micro-contract of 2,500 XRP and a standard contract of 50,000 XRP.
Giovanni Vicioso, Global Head of Cryptocurrency Products at CME, emphasized the increasing appetite for XRP exposure among both institutional and retail investors. He noted that the introduction of regulated XRP derivatives will offer market participants new avenues for hedging and liquidity management.
Market sentiment around Ripple has intensified in recent weeks. According to Polymarket data, the probability of SEC approval for a spot XRP ETF climbed to 83%, a reflection of mounting pressure following delays on other products, such as the Solana ETF. The next key decision date looms on June 17, when the Franklin Templeton spot XRP ETF will face its regulatory verdict.
Will XRP ETF Outpace BTC, ETH Debuts?
While enthusiasm surrounds the XRP Futures ETF, analysts suggest it may struggle to replicate the blockbuster launches of Bitcoin (BTC) and Ethereum (ETH) futures ETFs.
Historical comparisons underscore the challenge:
- Bitcoin Futures ETF (BITO):
- $1 billion in first-day trading volume
- $570 million in initial assets under management (AUM)
- Ethereum Futures ETFs (combined):
- $1.92 million in first-day volume
- Nearly $20 million in initial AUM
For XRP, forecasts are more tempered:
- Projected first-day volume: $60 million
- Estimated AUM: $35 million
These projections stem from comparative analyses of XRP’s market capitalization, liquidity patterns, and investor sentiment, suggesting that while the XRP Futures ETF will see healthy activity, it is unlikely to overshadow BTC or ETH debuts.
Institutional Demand Fuels Crypto ETFs
CME’s expanding crypto suite, which already includes Bitcoin, Ethereum, and Solana futures ETFs, reported strong engagement in Q1:
- 198,000 contracts daily average volume (YoY growth of 141%)
- $11.3 billion in daily notional volume
- 43,000 Solana futures traded in Q1 alone
While the XRP Futures ETF is poised to tap into similar institutional interest, much of the market’s focus remains on the awaited spot XRP ETF, perceived by investors as the key catalyst for broader adoption.
As the landscape of regulated crypto products evolves, XRP Futures could serve as a bridge product, bolstering liquidity and market maturity ahead of potential spot approval.
