- CME’s successful launch of XRP futures, generating nearly $30 million in early trading, has boosted investor confidence and strengthened the case for a spot XRP ETF.
- However, the SEC’s continued delays on applications from Bitwise and CoinShares highlight ongoing regulatory hurdles, with potential approval now expected by Q4 2025.
The debut of XRP Futures on the Chicago Mercantile Exchange (CME) has brought with it a new wave of optimism among crypto investors and analyst alike. Notably, Eric Balchunas, a renowned Bloomberg ETF analyst has expressed great confidence in the highly anticipated product.
He was sure to highlight the product’s potential, in this case, forecasting substantial demand once the product has been launched, which at the time of press, is already live.
However, the enthusiasm surrounding this product by Votality Shares, a prominent investment firm has been met with continued frustrations from a different party.
Donald Trump’s entry into office in addition to Paul Atkins taking over as chair offered a beacon of hope to the crypto community which had languished under the autocratic leadership of Gary Gensler. The U.S SEC again has delayed decisions on spot XRP ETF applications from Bitwise and Coinshares.
It goes without noticing that the commission’s actions have amounted to nothing more than a delay in its decision on ETFs including XRP, Cardano, Litecoin, Dogecoin, and, Solana.
Strong Launch for CME XRP Futures Signals Institutional Appetite
XRP futures officially launched on CME on May 19, featuring both standard (50,000 XRP) and micro (2,500 XRP) contracts. These are cash-settled and based on the CME CF XRP-Dollar Reference Rate. According to Levi Rietveld, founder of Crypto Crusaders and a respected crypto analyst, the futures contracts pulled in nearly $30 million within their first few days—$19 million on day one and another $7 million on the second day.
JUST IN:
CME’s XRP Futures Have Pulled In Nearly $30M Since Debut, Fueling XRP ETF Hopes
XRP futures launched on CME, showing strong institutional demand and igniting speculation about a potential XRP spot ETF. pic.twitter.com/oclVGGb4oG— Levi | Crypto Crusaders (@LeviRietveld) May 21, 2025
This strong performance places XRP alongside Heavyweights including Bitcoin, Ethereum, and Solana as one of the few cryptocurrencies with CME futures contracts. The surge in trading volume underscores XRP’s growing legitimacy in institutional portfolios, with CME providing a compliant framework for firms seeking exposure to XRP without directly holding the token.
Catalyst for Spot ETF Approval?
Analyst have intervened offering a piece of their mind and one notable Rietveld suggests that this institutional momentum could serve as a catalyst for the SEC to approve a spot XRP ETF.
Its notable that there are more than ten applications that are currently pending, including those from Bitwise and CoinShares. Historically, futures contracts on CME have played a critical role in paving the way for spot ETF approvals, Bitcoin and Ethereum followed this path before their spot ETFs were greenlit.
The strong uptake of XRP futures mirrors this precedent, potentially strengthening the argument for spot ETF approval. The market’s interest is clear, and the CME’s regulated environment lends credibility to XRP’s status as a mainstream financial asset.
SEC Delays Fuel Investor Frustration
Despite the growing appetite from the crypto community and investors alike, the SEC has once again delayed its decision on the XRP ETFs from CoinShares and Bitwise. The commission postponed decisions on both Cboe BZX’s application to list the Bitwise XRP ETF and Nasdaq’s application for the CoinShares fund.
New deadlines are now set for August 23 and 24, 2025, pushing the timeline deeper into the year.
The SEC has also instituted proceedings on the applications, calling for public comments and addressing substantive regulatory questions. This process includes a 21-day comment period and a 35-day rebuttal window, prolonging uncertainty for investors and fund issuers alike.
Bloomberg Intelligence analyst James Seyffart noted that these delays were expected, suggesting the SEC may use the full 240-day review period. He anticipates final approvals around mid-October 2025, making early Q4 a realistic launch window for spot XRP ETFs.
