Price Surge Incoming? CME Includes XRP in Crypto Benchmarks
On Thursday, the Chicago Mercantile Exchange (CME) announced a significant update: starting July 29, CME will include the XRP USD Reference Rate and Real-Time Index in its benchmark suite. This move positions XRP as a bridge asset in a market valued at approximately $1.2 trillion.
Ripple’s CEO, Brad Garlinghouse, expressed his enthusiasm for this collaboration, emphasizing the importance of having reliable benchmark reference rates for the adoption of institutional crypto products. He stated, “The first step towards institutional crypto products is having a trusted benchmark reference rate. I’m thrilled to see CME Group and CF Benchmarks collaborating on the XRP Index. The market has spoken.”
This partnership could pave the way for new financial products based on XRP, such as futures and options, offering holders more ways to manage risk and maximize their investments.
Benefiting from this news, XRP’s price surged by 4% within 24 hours. It outperformed other top ten cryptocurrencies, rebounding significantly after a continuous decline from its annual high of $0.745 in March. Over the past week alone, XRP saw a 13.5% increase.
Currently ranked as the eighth-largest cryptocurrency by market cap, with a value of $26 billion, XRP is poised for explosive growth. According to CoinGecko, trading volume has surged by 50% in recent days, indicating renewed bullish sentiment. This sentiment is further bolstered by the announcement of the partnership with CME Group, the world’s largest derivatives market, solidifying XRP’s market position.
Crypto analyst Dark Defender recently noted on social media that XRP is testing the Fibonacci level of $0.462. If XRP breaks and consolidates above this level from today until Sunday, it could aim for $1.88, representing a potential 288% increase from its current trading level of $0.465.
