Coinbase Seeks CFTC Approval to Launch XRP Futures Contracts

In a development that could disrupt the cryptocurrency market, Coinbase has submitted a request to the U.S. Commodity Futures Trading Commission (CFTC) to introduce futures contracts on XRP. Scheduled to launch on April 21, 2025, this product could provide investors with a new way to speculate on one of the most liquid digital assets without having to hold the token directly.

An innovative and regulated derivative product signed by Coinbase

Coinbase, the largest Ethereum node operator, emphasized that its XRP futures contracts would be cash-settled, margined, and traded under the symbol XRL. Each contract will represent 10,000 XRP, approximately $20,000 at the current price of $2 per token. These contracts will be available for the current month as well as for the following two months.

To ensure some security in the market, trading will be suspended if the price of XRP fluctuates by more than 10% in one hour. This mechanism aims to protect investors in cases of extreme volatility.

This launch is part of Coinbase’s strategy to diversify its derivative products. The platform had already expanded its offering by proposing futures contracts on other crypto assets like Solana (SOL) and Hedera (HBAR).

The initiative to add XRP to its range of derivative products is expected to allow investors to benefit from the fluctuations in XRP’s value while remaining within a regulated framework.

A crypto market marked by signs of pessimism

Although Coinbase’s initiative is hailed as an important step towards greater regulation of cryptocurrency derivatives, it comes at a time when market sentiment remains largely negative. Indeed, the funding rates for XRP derivatives contracts are currently negative, a clear sign of pessimism among traders.

When these rates are negative, it means that short sellers are willing to pay a premium to maintain their positions, reflecting a strong belief in the future decline of XRP’s price.

This market context, dominated by bearish outlooks, could make entering this product riskier for some investors, despite the recognized liquidity of XRP. However, the fact that Coinbase is now offering futures contracts on XRP under a regulated framework could provide greater transparency and reduce associated risks for institutional investors.

The precedent of Bitnomial and the impact of regulation

This is not the first time XRP futures have appeared in the U.S. market. In March 2025, the Bitnomial exchange, based in Chicago, was the first to receive CFTC approval to offer XRP futures contracts. The introduction of a similar product by Coinbase, one of the largest cryptocurrency exchanges, demonstrates a growing trend toward the regulation of crypto derivatives in the United States.

The impact of XRP regulation could be felt beyond derivatives products. Indeed, resolving Ripple’s legal issues with the SEC could pave the way for additional financial products, including exchange-traded funds (ETFs) based on XRP.

Several asset managers, including major firms like BlackRock and Fidelity, are currently considering the launch of spot XRP ETFs. This development could mark a turning point for XRP, particularly with the potential lifting of restrictions imposed by the SEC.

This launch of XRP futures by Coinbase represents a major step for the integration of cryptocurrencies into traditional financial markets. As the product awaits, regulation could open doors to new opportunities. Coinbase could well regain control over around-the-clock access to financial markets, similar to its previous initiatives on Bitcoin and Ethereum.