What the 24/7 Trading Model Brings

Previously, CME’s crypto products were available for trading from Sunday evening to Friday evening, with a one-hour daily maintenance window. The new 24/7 model will eliminate these gaps, allowing investors to trade crypto derivatives at any time.

Through the CME Globex platform, market participants will have continuous access to cryptocurrency futures and options. This development provides greater flexibility and opportunities, particularly for investors active in global markets.

Covered Products

The 24/7 trading model will include major crypto futures such as:

• Bitcoin futures

• Ethereum futures

• Solana (SOL) futures

• XRP futures

In addition, options linked to these futures will be fully integrated into electronic trading. Previously, options could only be traded 24/7 via bilateral agreements; now, continuous electronic access will be available.

Aligning Crypto Markets with Traditional Finance

This development represents a significant step in harmonizing traditional financial systems with the always-on nature of crypto markets. Investors will now be able to:

• Trade any day and any time of the week

• Utilize liquidity more effectively

• React instantly to price movements

The change is expected to create strategic opportunities for institutional investors and large portfolio managers, offering new ways to manage exposure and respond to market dynamics in real time.

The launch of 24/7 trading for CME’s cryptocurrency futures and options enhances market accessibility and trading flexibility. Investors will now have the ability to monitor global crypto movements more efficiently and implement strategies continuously, bridging the gap between traditional financial infrastructure and the always-active crypto ecosystem.

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ETF Approval Odds Increase by 13% 

Prediction market platform Polymarket reports a sharp rise in expectations for XRP spot ETF approval. This week, the approval odds jumped from 70% to 83% in just a few days. Interestingly, this surge occurred despite the SEC delaying some XRP ETF applications. 

Bitwise, CoinShares, Franklin Templeton, and Grayscale are among the asset managers whose applications are under SEC review. Analysts note that such delays are expected. Decisions are anticipated in October. The ETF community states that such postponements are normal during the review process. Back in May, the SEC also postponed several other crypto ETF proposals besides Ripple’s. 

Ripple CEO Brad Garlinghouse shared key insights on XRP ETFs in the latest episode of the “Crypto in One Minute” podcast. He described ETFs as tools that make crypto investment more accessible to institutional investors. 

Garlinghouse said: 

“Wall Street and other institutional investors have had difficulty accessing crypto markets directly. With ETFs, they can now invest through regulated financial products instead of relying on crypto exchanges or self-custody wallets.” 

He also pointed out the rapid growth of Bitcoin ETFs: 

“Bitcoin ETF became the fastest ETF to reach $1 billion in assets. It surpassed $10 billion faster than any other ETF.” 

Garlinghouse expects continued institutional interest that will encourage the launch of more products, including Ripple-linked ETFs. 

XRP Futures ETFs: New Market Entrants 

Despite delays in spot ETF decisions, major developments are happening in the market. Volatility Shares launched the first XRP futures ETF on Nasdaq under the ticker XRPI. This came shortly after CME Group introduced an XRP futures product on May 19. 

These futures provide investors with regulated access to contracts based on XRP’s future price. Similar products already existed for Bitcoin and Ethereum. Tectrium also introduced a leveraged product named the 2x Long Daily XRP ETF. 

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“The launch of XRP futures on CME Group marks a significant institutional milestone for XRP.” Garlinghouse also noted that liquidity provider Hidden Road executed the first block trade at the opening. 

CME XRP Futures and Their Features 

CME Group offers two types of futures contracts: Micro XRP futures representing 2,500 XRP and standard futures covering 50,000 XRP. Both contracts are based on the CME CF XRP-Dollar Reference Rate, providing investors with a transparent and reliable trading platform. The cash-settled structure enables institutions to take positions without holding XRP, and an increase in institutional demand is expected. Crypto lawyer Bill Morgan highlighted that this structure is attractive to institutions. Additionally, the futures enhance price discovery and hedging options. 

The company Global Head of Crypto Products, Giovanni Vicioso, stated that demand for XRP comes from both retail and institutional investors. As a result, CME’s move accelerates Ripple’s mainstream adoption. The recent launch of an XRP ETF in Brazil indicates growing global interest. However, spot XRP ETFs in the U.S. are yet to be approved. CME’s trusted platform supports XRP’s institutional adoption. 

Additionally, XRP’s current market capitalization is approximately $138.9 billion. As of May 20, the price is trading at $2.37. 

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“Digital asset innovation is accelerating, and institutional investors increasingly seek regulated tools to hedge and gain exposure,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME. “Interest in XRP and the XRP Ledger (XRPL) has grown significantly, and these new futures contracts aim to provide a capital-efficient trading solution.”

Strong Demand for Crypto Derivatives

The XRP futures will be cash-settled, priced against the CME CF XRP-Dollar Reference Rate, which is published daily at 4:00 p.m. London time. With this move, XRP joins Bitcoin, Ethereum, and Solana in CME’s expanding crypto product lineup.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Highlights from CME’s Q1 crypto derivatives performance include:

• 198,000 contracts/day traded on average ($11.3B notional) — up 141% YoY
• 251,000 contracts in open interest on average ($21.8B notional) — up 83%
• Over 43,000 SOL futures ($705M notional) traded since March 17 launch

Robinhood will offer XRP futures to retail users, expanding access beyond institutional traders. Meanwhile, the Teucrium 2x Daily Long XRP ETF (XXRP) hit $35 million in AUM within its first 10 days — showing robust interest in regulated XRP exposure.

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The Chicago-based firm announced on March 19 via X that its CFTC-regulated XRP futures would be available to existing users starting March 20.

“Bitnomial is launching the first-ever CFTC-regulated XRP futures in the US. Plus, as regulatory clarity improves, we’ve voluntarily dismissed our case against the SEC,” the firm stated.

Bitnomial vs. SEC: Legal Dispute Overview

Bitnomial filed for self-certification with the CFTC in August 2024 to list XRP futures, but the SEC blocked the move, arguing that the company must first register as a securities exchange. On October 10, Bitnomial sued the SEC and five commissioners, alleging that the regulator was overstepping its jurisdiction by classifying XRP as a security.

Ripple’s Legal Battle with the SEC

This development comes after Ripple CEO Brad Garlinghouse revealed that the SEC had opted not to continue its appeal against a ruling stating that XRP is not a security for retail sales.

On July 13, 2023, Judge Analisa Torres ruled that XRP does not qualify as a security when sold to retail investors, though it does meet the Howey Test criteria when sold to institutional investors.

Meanwhile, under the Trump administration, the SEC has been reversing its hardline stance on crypto regulations established under Gary Gensler. Acting SEC Chair Mark Uyeda, who replaced Gensler on January 20, announced on March 17 plans to scrap a proposed Biden-era rule tightening crypto custody standards.

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