Cryptocurrency Exchange Coinbase Global Inc. (NASDAQ: COIN) Expands Trading of Ripple Labs' XRP Futures Contracts

Coinbase Global Inc. (NASDAQ: COIN), a top-tier cryptocurrency exchange in the North American markets, announced a major trading expansion for Ripple Labs’ XRP

Coinbase (NASDAQ:COIN) has announced a major trading expansion for Ripple Labs’ (CRYPTO:XRP) on Monday, April 21.

After filing with the Commodity Futures Trading Commission (CFTC) on April 3 to offer XRP futures contracts, the exchange has successfully listed the regulated products.

Coinbase will offer monthly, cash-settled margin contracts, each representing 10k XRP, to its clients.

The launch of Coinbase’s XRP futures contract follows a similar product by Bitnomial in mid-March.

Why The Launch Of XRP Futures Matters

The launch of Coinbase’s XRP futures contract will further enhance the legitimacy of XRP among institutional investors.

Moreover, XRP has gained significant regulatory clarity in the U.S. in the past few months, bolstered by the Donald Trump administration’s initiatives to foster the adoption of crypto assets.

Ultimately, the liquidity of XRP will significantly increase as more institutional investors participate in futures contract trading.

What Next For XRP Price

The impact of the rising adoption of XRP by institutional investors will be significant in the long haul.

Moreover, digital assets are expected to play a crucial role in resetting global financial systems, which have been siloed over the past decades.

From a technical analysis standpoint, XRP price has been forming a potential bullish pattern, especially after breaking out of a falling logarithmic trend.

In the daily time frame, XRP price, against the U.S. dollar is likely to retest the recent bullish breakout by falling back towards the support level above $1.77.

Moreover, the daily MACD indicator has yet to flash a bullish signal, and the Relative Strength Index (RSI) has experienced a resistance level of around 50 percent level.

However, a consistent close above $2.22 will invalidate further short-term correction and trigger a fresh rally toward a new all-time high ahead.