Will XRP Price Stage a Dramatic Comeback? 🤔
It appears that the esteemed Coinbase has submitted its filing for XRP futures to the US Commodity Futures Trading Commission (CFTC), a most intriguing development, indeed. The crypto exchange, in its infinite wisdom, believes that the futures product will make its grand debut on its platform by April 21.
According to the certification filing, the XRP futures contract, trading under the symbol XRL, will be a monthly cash-settled and margined contract. One can only assume that the contract follows XRP’s market price and is settled in US dollars, a most sensible decision, if I do say so myself. Each unit, it seems, represents 10,000 XRP, valued at approximately $20,000 based on the current price of $2 per token. A most substantial sum, I dare say.
We’re delighted to announce that Coinbase Derivatives has filed with the CFTC to self-certify $XRP futures – bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets.
We anticipate the contract going live on April 21, 2025.
Stay tuned…
— Coinbase Institutional 🛡️ (@CoinbaseInsto) April 3, 2025
As per the announcement, Coinbase XRP futures contracts could be traded for the current month, and even two months ahead. One wonders, however, if the trading for the futures contracts will be paused if the XRP price shoots more than 10% in an hour, a most prudent safety measure, if I do say so myself. The firm stated:
“The exchange has spoken with FCMs (Futures Commission Merchants) and market participants who support the decision to launch a XRP contract.”
Coinbase, it appears, is not the first to introduce XRP futures in the United States. In March, Chicago-based crypto exchange Bitnomial launched the country’s first-ever CFTC-regulated XRP futures. One can only assume that Coinbase is merely following in the footsteps of its illustrious predecessor.
Globally, XRP futures trading is already available on major centralized exchanges, including Binance, OKX, Bybit, and BitMEX. A veritable plethora of options, if one will.
XRP Price Faces a Crucial Test Ahead
Over the past week, the XRP price has dropped by 8.53% and is currently trading at a crucial support of $2.05. One can only assume that the daily trading volumes for XRP have dropped 30% to $4.79 billion, hinting that the overall investment sentiment is turning bearish. Ah, the perils of the market, indeed.
On the other hand, the XRP funding rates have turned negative. Funding rates, for the uninitiated, are recurring payments exchanged between traders in perpetual futures markets to maintain price equilibrium between the futures and spot markets. A most complex and Byzantine concept, if I do say so myself.
Even if XRP price bounces back from the current levels, it still needs to give a breakout above the crucial resistance of $2.34 to stage a further rally to $3. A most daunting task, indeed.
📅 Will the XRP price stage a dramatic comeback? Only time will tell, my dear readers.📅
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2025-04-04 15:13