Over the past two weeks, the XRP exchange rate has risen more than 23% after CME and CTF announced that they will provide a benchmark rate for the cryptocurrency.
This has also sparked speculation about the creation of an #XRP #ETF .
XRP is currently experiencing significant growth after the Chicago Mercantile Exchange (CME) Group announced its decision to provide real-time indexes and reference rates in U. S. dollars for #Ripple (XRP) and Internet Computers (ICP). CME already has an impressive collection of #cryptocurrency benchmarks, and XRP will soon join them.
Brad Garlinghouse, CEO of Ripple, said:
"The first step to institutionalizing cryptocurrencies is to have a reliable benchmark rate.
He stated. The addition illustrates the growing demand among investors for more accurate and reliable price benchmarks for currencies.
XRP is currently trading at around $0.515, up 26% since the beginning of last week. This shows the positive impact of integrating with a robust platform, as Giovanni Vicisio, global head of CF Benchmark, stated that the new benchmark will help market participants
"better manage risk
" and provide
"clear and transparent price data
". He said it will provide a daily benchmark from 15:00 to 16:00 GMT and will reflect the current dollar exchange rate. The price data is also based on data from specific cryptocurrency exchanges and trading platforms such as CoinBase, Bitstamp, Kraken and Gemini. Prices are calculated based on data from a combination of these platforms to ensure uniformity and accuracy.
addition, real-time indicators provide the public with constant access to up-to-date price information and other relevant data. Market participants will be able to make clear and informed decisions as soon as the latest information becomes available, said Sui Zhang, CEO of CF Benchmark, adding that the new benchmark "will meet the same rigorous standards as other benchmarks in the CME CF Single Asset Series.
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