Crypto: XRP Reaches a New Milestone Towards Institutional Recognition!

Ripple has reached a new significant milestone in integrating XRP into the institutional market with the announcement by the Chicago Mercantile Exchange (CME) Group of the launch of real-time price indices for the crypto. This initiative, supported by Ripple CEO Brad Garlinghouse, highlights the growing importance of XRP for institutional investors.

Launching XRP Crypto Price Indices

The CME Group, in collaboration with CF Benchmarks, recently announced the launch of real-time price indices and reference rates for XRP and Internet Computer (ICP). Brad Garlinghouse, CEO of Ripple, described this initiative as a significant progress for XRP. He emphasized that having a “reliable reference rate” is an important step for establishing institutional crypto products. “The market has spoken,” he added, highlighting the growing demand for accurate price references among institutional investors.

The launch of these indices for XRP and ICP demonstrates CME’s commitment to providing robust market tools for a variety of cryptos. These indices will be updated every second based on the order book activity of major trading platforms such as Coinbase, Bitstamp, and Kraken. Additionally, daily reference prices will be available at 16:00 UTC.

Starting July 29, benefit from transparent pricing on two new cryptocurrencies as CME CF Internet Computer-Dollar and XRP-Dollar Reference Rates and Real-Time Indices are added to our expanding suite of benchmarks. https://t.co/1kn5BPZi4C pic.twitter.com/jqcJPInSt9

— CME Group (@CMEGroup) July 11, 2024

Towards an XRP ETF?

The CME Group initiative could pave the way for more significant developments, such as the potential launch of an ETF based on XRP. Speculation about this possibility has been fueled by previous statements from Garlinghouse, who described the creation of an XRP ETF as “inevitable.” Additionally, recent requests from VanEck and 21Shares to launch ETFs on Solana spot price, along with the advent of Ether spot ETFs, bolster this perspective.

The integration of XRP into institutional financial products could catalyze broader adoption and strengthen the crypto’s credibility in traditional financial markets. Institutional investors, seeking reliable and stable measures, could find these new indices a valuable tool for their investment strategies.

In concrete terms, the launch of price indices for XRP constitutes a major advancement for the cryptocurrency and the institutional market in general. This initiative could not only strengthen XRP’s position in the market but also stimulate innovation and the adoption of products financial products based on cryptocurrencies.