XRP ETF: CME Group Adds XRP Reference Rate, ETF on Horizon? š£
The Chicago Mercantile Exchange (CME) has announced the launch of new reference rates and real-time indices for Rippleās XRP and Internet Computer (ICP). Notably, this move by the leading derivatives marketplace CME Group has sparked speculations about a potential XRP ETF launch. Notably, the new benchmarks will offer transparent pricing data to help market participants accurately value their portfolios.
CME Group Expands Crypto Benchmark Offerings
CME Group, the worldās leading derivatives marketplace, and CF Benchmarks plan to launch the new reference rates and indices on July 29. These new benchmarks aim to provide clear pricing data for XRP and ICP. Besides, it has also fueled speculations over a potential XRP ETF launch.
Giovanni Vicioso, CME Groupās Global Head of Cryptocurrency Products, has lauded the development. Notably, this new offering will assist clients in managing their risks more effectively. In a recent press release, Vicioso said:
Speculations Mounts For XRP ETF Launch
The announcement from CME Group has fueled optimism about a potential XRP ETF launch. Previously, Bloomberg ETF analyst James Seyffart highlighted that the success of an ETF for Rippleās native crypto depends on its presence in a major derivative exchange like CME.
According to Seyffart, listing XRP futures on CME would be crucial for regulatory approval of an ETF. This would provide the necessary primary asset for the ETF to reflect. Although the futures are not yet listed, this new offering has sparked discussions in the market.
In addition, the announcement comes amid soaring optimism in the ETF market. The anticipation of Spot Ethereum ETF approval in the U.S. and the recent filings for a Spot Solana ETF have stirred the market. Additionally, the success of the Spot Bitcoin ETF in the U.S. has significantly impacted the crypto market this year.
In addition, recent bullish sentiment from Rippleās president towards an XRP ETF has further ignited interest.
