Ripple XRP and ICP Get New CME Group Crypto Indices for Daily Settlement Prices

On Jul 12, 2024

CME Group and CF Benchmarks launch new crypto indices for Internet Computer and XRP.
New indices provide daily settlement prices and real-time updates every second.

CME Group recently announced plans to introduce two new cryptocurrency reference prices and real-time indices for Internet Computer (ICP) and XRP. These indices, developed in collaboration with CF Benchmarks, aim to improve transparency and stability in cryptocurrency pricing. They will be available on July 29, 2024.

CME Group Adds New Indices for XRP and ICP

The new indices, ICPUSD_RR (Internet Computer-Dollar Reference Rate) and XRPUSD_RR (XRP-Dollar Reference Rate), will give daily settlement rates. They will also provide real-time prices, which are adjusted every second to reflect current market conditions.

In response to this momentous breakthrough, Ripple CEO Brad Garlinghouse noted that having consistent reference rates is the first step toward institutional crypto goods.

He added, “It is nice to see CME Group and CF Benchmarks working together on an XRP index. The marketplace has spoken.” Also, blockchain researcher Collin Brown was equally enthusiastic, calling it “Big Ripple News.”

📊 Big #Ripple news from CME Group! Starting July 29, transparent pricing for CME CF Internet Computer-Dollar and #XRP-Dollar Reference Rates will be available. 🚀🚀🚀 pic.twitter.com/LRQdI3IJxD
— Collin Brown (@CollinBrownXRP) July 11, 2024

CF Benchmarks Ensures Accurate and Reliable Indices for Financial Markets

These indices adhere to strict accuracy and integrity standards, according to CF Benchmarks, which holds a license from the UK’s Financial Conduct Authority (FCA). These indices, which are designed to be resistant to manipulation and reproducible, offer market participants accurate information.

CF Benchmarks aggregates order data from major cryptocurrency exchanges such as Coinbase, Kraken, and others to ensure complete and accurate price data.

Asset managers, institutional investors, and other financial institutions are expected to use the new indices extensively for a variety of reasons, including the development of financial products, investment funds, and derivative contracts.

“Adding these new indices for Internet Computer and XRP aligns with our mission to bring greater transparency and reliability to cryptocurrency markets,” according to a CME Group representative.

“We are committed to providing market participants with the tools they need to manage risk and capture opportunities in this rapidly evolving space.”

Meanwhile, the current price of XRP is about $0.451, reflecting a 2.29% increase over the last 24 hours. Following CME Group’s newest development, investors and traders have a bright perspective.

On the other hand, according to our latest report, XRP is predicted to skyrocket in the long run, with prices hitting $250 per token by 2028. CNF also highlighted that Ripple has been named one of CNBC’s top fintech startups for 2024.