Bombshell comment for XRP: “The first big step has been taken”

A striking claim has been made for XRP, which has never made the expected breakout amid bullish predictions.

Tim McCourt, senior managing director of CME Group, clarified whether XRP’s spot ETF will be launched. McCourt reported that the first big step has been taken for XRP and that more developments may come soon.

McCourt said the following:

“We have an XRP reference rate and a real-time index, which is the first step in creating the ecosystem. We have more than 50 real-time prices and reference rates. That data is very important for product providers like Bitwise, at least they have access to a fully regulated benchmark.”

McCourt, who claimed that the index would open the doors to a potential $XRP ETF, did not mention the legal battle between the SEC and Ripple.

Speaking at Ripple Swell 2024, Tim McCourt reported that an important step has been taken for the launch of a spot XRP ETF. The statements in question came after Canary Capital applied for the $XRP ETF for the second time. Canary became the second provider to apply for an XRP ETF after Bitwise Asset Management.

Spot ETFs allow the crypto market to interact with institutions. These funds attract more investors to the sector.

McCourt stated that the launch of ETFs accelerated the growth of the sector. The manager noted:

“Some of the highest open interest and volumes occurred with the launch of ETFs. I don’t think these are coincidences.”

Despite the rumors of a spot ETF, XRP performed below expectations. The XRP price has increased by nearly 10 times since the beginning of the year.

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