Coinbase, the leading US-based cryptocurrency exchange, has been given approval by the CFTC (Commodity Futures Trading Commission) to introduce XRP futures contracts through its derivatives division.

This milestone is significant for providing institutional access to the XRP altcoin within the derivatives market.

In an announcement earlier this month, Coinbase disclosed its plan to offer regulated XRP futures after filing for approval with the CFTC. The exchange took steps to self-certify the product.

The futures contract was scheduled to launch on April 21 and was confirmed as live by Coinbase during the late hours of the US trading session.

The approval by the CFTC signals a shift that may lead to increased crypto derivatives activity in the US, as the agency has recently shown a willingness to facilitate entry into the sector by easing regulatory obstacles.

XRP, known for its liquidity and global user base, is well-positioned for derivatives trading, particularly with the legal clarity established after the Ripple lawsuit, wide availability on exchanges, and a substantial market capitalization.

Data reflecting a significant increase in XRP network activity prior to the introduction of XRP futures on Coinbase highlights the growing interest from both retail and institutional traders in anticipation of expanded market opportunities through derivatives.

Despite the positive developments, XRP's spot price has experienced a slight decline in the last 24 hours, indicating consolidation in the market and investor cautiousness, emphasizing that short-term price movements may not always align with significant milestones like the introduction of futures contracts.