Chicago-based derivatives giant CME Group is on track to launch XRP-based futures later today.
As reported by U.Today, the world's largest derivatives exchange urged XRP holders to mark their calendars last week.
The product was officially announced in late April following months of speculation.
The XRP price is down 3.5% ahead of the launch. The token is currently changing hands at $2.31, according to CoinGecko data.
It remains to be seen how the launch of CME's futures will affect the XRP price.
When CME launched regulated Bitcoin futures, it marked the top of a major bull market cycle in early 2018. The product made it possible for institutional players to short the cryptocurrency at scale for the first time. This also coincided with peak retail enthusiasm surrounding crypto.
That said, this was not the case for Ethereum back in February 2021. Back then, there was also some speculation that the cryptocurrency could reach its peak following the launch of futures (considering that it was in a strong uptrend). However, the major altcoin continued to rally for several months following the launch of the product.
CME also rolled out regulated Solana (SOL) futures earlier this month.
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