XRP Futures Filing by Coinbase: Potential Catalyst for Price Recovery?
In the ever-evolving world of cryptocurrency, news and developments can significantly impact the prices of digital assets. A recent filing by a major crypto exchange has sparked hope among XRP holders, hinting at a potential recovery in the near future.
Will XRP Price Stage Quick Recovery on Coinbase XRP Futures Filing?
On April 3, crypto exchange Coinbase submitted its filing for XRP futures to the US Commodity Futures Trading Commission (CFTC). The crypto exchange believes that the futures product will go live 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. The contract follows XRP’s market price and is settled in US dollars. Each unit represents 10,000 XRP, valued at approximately $20,000 based on the current price of $2 per token.
XRP News: New Twist Emerges In Ripple SEC Case With Unusual Filing
Ripple’s XRP is back in the spotlight after a surprising new filing in the long-running SEC case. The unexpected twist, along with the upcoming launch of XRP futures on Coinbase, has raised concerns about its impact on the XRP price. With XRP struggling to hold the $2 support, these developments could trigger a major breakout or a sharp drop. According to a recent tweet by journalist Eleanor Terrett, an emergency request has been filed in the ongoing lawsuit between Ripple and the SEC, claiming ’decisive evidence’ in favor of the defendants.
XRP Faces Downward Pressure Amid Token Unlock and Declining Network Activity
XRP is experiencing significant downward pressure, dropping nearly 6% within 24 hours. A $1.02 billion token unlock from Ripple’s escrow account has raised concerns about supply constraints. Additionally, on-chain activity has declined sharply, with an 87% drop in active addresses since March, indicating fading user engagement. Bearish technical indicators from COINOTAG suggest that XRP could struggle to maintain its footing above critical support levels. The recent token unlock, coupled with declining network activity, suggests potential challenges for the cryptocurrency’s stability.
Coinbase Seeks CFTC Approval for XRP Futures Trading
Coinbase Derivatives has filed with the US Commodity Futures Trading Commission (CFTC) to launch an XRP futures contract. If approved, trading could commence as early as April 21, 2025. The proposal would allow Coinbase to self-certify the product, providing investors with a regulated, capital-efficient way to gain exposure to XRP through derivatives. This move could broaden institutional participation and enhance XRP’s legitimacy in traditional finance circles. Data from CryptoSlate shows that XRP was the best-performing top 10 cryptocurrency in the past 24 hours, gaining over 2% despite market weakness.
