• CME Group adds XRP to its cryptocurrency benchmark. According to Ripple CEO, a spot XRP ETF is now one step closer

After a long battle with the SEC, Ripple is now reporting important milestones one after another. For example, today’s news reported that the Chicago Mercantile Exchange Group and CF Benchmark announced the launch of the XRP Reference Rate and Real-time Index.

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CME Group announced the launch of XRP Reference Rate and Real-time Index on its official X page. The company announced,

“Beginning July 29, benefit from transparent pricing for two new cryptocurrencies as the CME CF Internet Computer Dollar and XRP Dollar Reference Rates and Live Indices are added to our expanding suite of benchmarks.”

The move has CEO Brad Garlinghouse excited and optimistic about the future. He, like many, sees the launch as the first step toward gaining institutional acceptance and even spot XRP ETFS. According to the executive,

“Great to see @CMEGroup and @CFBenchmarks teaming up to launch an XRP index. The market has spoken.”

Notably, the move demonstrates the growing demand for reliable price information among investors, especially institutional investors. Providing reliable and transparent pricing highlights the changing market trends as institutions become more interested in cryptocurrencies. The product plays a vital role in fostering trust and confidence, encouraging greater use and adoption of cryptocurrencies.

Following its launch on July 29, XRP’s real-time index will be updated on major exchange platforms such as Kraken, Coinbase and Bitstamp.

SEC's XRP is a security controversy

The SEC has been engaged in a long legal battle with Ripple. The SEC accused Ripple of selling XRP in an unregistered offering. Likewise, the agency has long considered XRP to be a security. However, Judge Torres ruled that XRP itself is not a security.

However, contradicting this federal ruling, a decision by a California judge last month left the status and future of altcoins up in the air.

Ripple executives and legal counsel have long expressed a different view. According to them, XRP is not a security under the current legal definition.

Based on the SEC’s previous stance, XRP ETFS could be launched soon?

The legal status of whether XRP is a security has everyone guessing whether it will affect the possibility of a spot ETF. However, Ripple’s CEO believes that XRP is moving in the right direction towards institutional investment. In response to the CME Group’s launch of a reference rate, he claimed,

“The first step towards institutional crypto products is to have a trusted benchmark reference rate.”

Speculation about a spot XRP ETF has been going on for three months now. However, Garlinghouse and others remain confident in the possibility, even recently suggesting that such an ETF is inevitable. In fact, in a recent interview, he even said that such a product "makes sense."

Impact on XRP Price Chart

At the time of writing, XRP is trading at $0.517 after rising 18% over the past seven days. Similar statistics have emerged over the past 24 hours, with its trading volume increasing by more than 52%.

According to AMBCrypto’s analysis, XRP is currently showing a strong uptrend. Moreover, continued momentum will lead to a short-term rebound on the chart.

Furthermore, our analysis on CryptoQuant shows that XRP exchange outflows have risen from a low of $40.6 million to $1.5 billion. This means that investors are holding on for the long term, reducing selling pressure and thus boosting prices on the charts.

Finally, according to data from Coinglass, XRP’s long positions have fallen sharply over the past seven days, falling from a high of $1.5 million to a low of $52,000.

During the same period, short position liquidations surged to a high of $2.98 million. This shows that long-term holders are confident in the future potential of altcoins. At the same time, those who were shorting the market were forced to close their positions, leading to greater buying pressure.