Coinbase XRP Futures Launch Boosts Trading Volume to 46th Rank

On April 4, 2025, Coinbase Global (COIN) experienced a 5.98% decline, marking its second consecutive day of losses, with a total decrease of 12.24% over the past two days. The trading volume for the day was $2.294 billion, placing it 46th among all stocks traded that day.

Coinbase Institutional has submitted a filing to the U.S. Commodity Futures Trading Commission (CFTC) to self-certify XRP futures contracts. This move aims to provide a regulated and capital-efficient way for traders to gain exposure to XRP. The contract, set to launch on April 21, 2025, pending regulatory review, will trade under the symbol XRL and represent 10,000 XRP, settling in U.S. dollars. The contract will be cash-settled and margined, allowing traders to speculate on XRP prices without owning the asset. Trading will halt if the XRP price moves more than 10% in any hour.

This filing is part of Coinbase's strategy to expand its derivatives offerings and cater to the growing institutional interest in XRP. The exchange has previously used self-certification to launch futures on Solana (SOL) and Hedera (HBAR) and is awaiting CFTC approval for futures based on Cardano (ADA) and Natural Gas (NGS). The launch of XRP futures is expected to increase liquidity and provide a safer hedge against price movements for both institutional and retail traders.