XRP enthusiasts were thrilled on the morning of July 12 with the news that, starting July 29, the XRP Dollar reference rate and indices will be included in the CME Group and CF Benchmarks. This inclusion marks a significant milestone for Ripple, signaling growing acceptance and recognition.
Read on to find out the latest and see why some experts are calling this a “game changer” for XRP.
The announcement was first shared via a tweet from the CME Group, which was later retweeted by Ripple’s CEO, Brad Garlinghouse. Garlinghouse emphasized that having a trusted benchmark reference rate is a critical step toward the development of institutional crypto products.
Until now, the list included 16 cryptocurrencies such as Bitcoin, Ether, Avalanche, and Bitcoin Cash, alongside four DeFi tokens—Aave, Curve, Synthetix, and Uniswap—and three metaverse tokens: Axie Infinity, Decentraland, and Chiliz. With the addition of XRP, the list now comprises 24 cryptocurrencies. This move brings a wave of positive sentiment for Ripple and its supporters, especially as the crypto world anticipates regulatory clarity.
It’s noteworthy that the CME Group is a leading derivatives marketplace, and CF Benchmarks is an FCA-regulated benchmark administrator.
In the ongoing SEC vs. Ripple case, there have been no recent updates. Legal experts, including Attorney Fred Rispoli, predict that the case will conclude by July 2024. The last hearing took place on May 13, 2024. Tomorrow, July 13, marks an important date for Ripple; it was on this day last year that Judge Analisa Torres ruled that XRP is not a security, a decision that saw XRP’s price double within hours.
XRP has experienced a steady rise over the past five days. Climbing from a low of $0.38249 to its current trading price of $0.46661, Ripple has surged by 22%. The 50-day Moving Average, currently at $0.48048, presents the next significant hurdle.
The Relative Strength Index (RSI) is gradually strengthening, currently standing at 50.86. Additionally, the Moving Average Convergence Divergence (MACD) indicator is showing bullish signs, with the MACD line crossing above the signal line.
Analyzing the current trend through the Fibonacci perspective, the latest support level for Ripple is at $0.44842, while significant resistance lies at $0.49412.
The Ripple and XRP community have been waiting for the SEC vs. Ripple case to end for the past four years. In this context, even small positive news holds great value. Support from large institutions and positive chart sentiment indicates that the time will soon come when XRP breaks all resistances and starts its upward journey.
Now is the right time for those who wanted to invest but couldn’t. However, it is crucial to do your own research before taking any steps.
Is XRP a good investment for you right now? Why or why not?
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