US-based crypto exchange Coinbase filed with the Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token yesterday (Thursday).

The move could have fuelled XRP's price to surge. However, XRPUSD’s H1 chart indicates a bearish trend, with the price declining after a rejection at intraday resistance. A bearish engulfing candle suggests a continuation of the downside momentum.

Coinbase Plans Cash-Settled XRP Futures

The filing states that Coinbase intends to introduce a monthly cash-settled and margined contract, traded under the symbol XRL, with each contract representing 10,000 XRP, valued at approximately $20,000 at $2 per token. The contract is expected to go live on April 21.

Coinbase’s filing outlines that the XRP futures contract will track XRP’s price and be settled in US dollars. Trading will be paused if spot XRP prices fluctuate more than 10% in one hour.

We're excited 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… pic.twitter.com/nKUPjjnMKW

— Coinbase Institutional 🛡️ (@CoinbaseInsto) April 3, 2025

Bitnomial First to Offer XRP Futures

While Coinbase's announcement marks a significant step, it is not the first exchange to offer XRP futures in the US. In March, Bitnomial, a Chicago-based exchange, introduced the first CFTC-regulated XRP futures. Other major exchanges, including Binance, OKX, Bybit, and BitMEX, already offer XRP futures trading.

Coinbase mentioned that it had consulted with Futures Commission Merchants (FCMs) and market participants who support the launch of this contract.