Based

<ul> 
 <li>CME just validated XRP by launching a new benchmark to track the coin’s price.</li> 
 <li>The community appears to have taken this update well with price jumping by over 4%.</li> 
</ul> 
XRP, the cryptocurrency associated with Ripple Labs Inc. has found itself a new home, launching on the Chicago Mercantile Exchange (CME). Notably, CME, one of the world’s leading derivatives platforms has added new benchmarks like XRP/USD to track XRP. 
<h3 id="b-cme-expand-offerings-to-include-xrp-benchmarks-b">CME Expand Offerings to Include XRP Benchmarks</h3> 
Recall that CME announced its intentions to list XRP benchmarks on its platform, as <a href="https://www.crypto-news-flash.com/fastest-growing-new-crypto-presale-sees-record-sign-ups-xrp-and-icp-receive-boost-with-cme-benchmarks/" target="_blank" rel="noopener">noted</a> in our earlier article. The idea is to ensure XRP’s price can be reported in a trusted and transparent manner across platforms. 
Aligning with the earlier announcement, CME has now officially added XRP benchmarks. Two XRP benchmarks confirmed on the <a href="https://www.cmegroup.com/articles/faqs/cme-cf-cryptocurrency-benchmarks-faq.html" target="_blank" rel="nofollow noopener">CME platform</a> include the Real-time Index for the XRP/USD pair (XRPUSD_RTI) and the Reference Rate for the XRP/USD pair (XRPUSD_RR). 
The Reference Rate (XRPUSD_RR) daily measures the value of XRP in US dollars.&nbsp; CME calculates it once a day using trade data from selected crypto exchanges. On the other hand, a constant and up-to-date price of XRP against the US dollar is provided by the Real-time Index (XRPUSD_RTI). 
To determine rates, CME uses a methodology that involves averaging the XRP trade prices over a given period on a few crypto exchanges like Coinbase and Bitstamp. By doing this, the effects of outliers and short-term price volatility are lessened. 
The rate can be used as a benchmark in derivatives, financial contracts, and other XRP-related financial instruments. CME partners with Crypto Facilities (CF), a UK-based crypto trading platform to offer these rates.&nbsp; 
It is interesting to note that CME classifies XRP under the “Payment and Store of Value” sub-category. This has brought reactions from the XRP community who have long maintained that XRP is a payment utility token.&nbsp; 
As a reminder, XRP has witnessed intense scrutiny from regulators, with the US Securities and Exchange Commission (SEC) claiming that the asset is a security.&nbsp; 
Although the matter is yet to be finalized, Judge Analisa Torres <a href="https://www.crypto-news-flash.com/bullish-outlook-for-xrp-as-ripple-class-action-receives-certification-can-price-hit-1-by-the-end-of-july-details/">ruled in July</a> that the programmatic sales of XRP on exchanges do not constitute a security.&nbsp; 
<h3 id="b-benefits-of-the-cme-listing-for-xrp-b">Benefits of the CME Listing for XRP</h3> 
The listing of XRP benchmarks on CME is expected to increase the token’s visibility, consequently leading to more adoption. Part of this visibility consists of a public domain that is simple to access and offers real-time pricing for the token. 
Meanwhile, XRP is reacting favorably to the news and is up 4.5% in the past week. XRP experienced a 4.7% surge in the past day, setting its price at $0.6496.&nbsp; 

<div class="cryptoboxes" id="mcw-345586" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="xrp" data-symbol="XRP" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div> 
The trading volume increased by an outstanding 133% to $2.8 billion. As <a href="https://www.crypto-news-flash.com/ripples-xrp-surges-on-settlement-optimism-price-hits-0-65-with-eyes-on-0-90/">highlighted</a> in our earlier report, Ali Martinez, a top crypto analyst says XRP has broken above the triangle pattern. Based on this trend, the analyst claims XRP could set a new yearly high at $0.9.

XRP Goes Live on CME: New Benchmarks for XRP/USD Now Available

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