XRP rallies 5% as Ripple gears for utility in institutional crypto products

• 
  Ripple
  CEO
  appreciated
  the
  CME
  Group
  and
  CF
  Benchmarks
  for
  adding
  the
  XRP-Dollar
  reference
  rate
  and
  indices. 
• 
  Brad
  Garlinghouse
  says
  institutional
  crypto
  products
  have
  trusted
  benchmarks
  for
  reference
  rates,
  fuels
  positive
  sentiment
  among
  traders. 
• 
  XRP
  extends
  gains
  by
  5%
  on
  Friday,
  trades
  at
  $0.4719. 

Ripple
(XRP)
traders’
sentiment
turned
positive
on
Friday,
as
CEO
Brad
Garlinghouse
highlighted
the
addition
of
XRP-Dollar
reference
rate
and
indices
to
the
CME
Group
and
CF
Benchmarks. 

The
CME
Group
is
a
leading
derivatives
marketplace,
and
CF
Benchmarks
is
an
FCA-regulated
Benchmark
administrator.
The
addition
of
XRP
indices
shows
how
the
asset
is
heading
towards
finding
utility
in
institutional
crypto
products. 

XRP
trades
at
$0.4719
at
the
time
of
writing. 

Daily
Digest
Market
Movers:
Ripple
traders
positive
with
recent
developments
in
XRP

• 
  Ripple
  CEO
  Brad
  Garlinghouse
  tweeted
  about
  the
  addition
  of
  XRP-Dollar
  reference
  rates
  and
  indices
  to
  the
  CME
  Group
  and
  GF
  Benchmarks
  on
  X. 
• The
  executive
  highlights
  that
  institutional
  crypto
  products
  have
  trusted
  reference
  rates,
  fueling
  a
  positive
  sentiment
  for
  XRP
  among
  market
  participants.

• The
  CME
  Group
  announced
  in
  an
  official
  tweet
  that
  the
  XRP
  reference
  and
  indices
  go
  live
  on
  July
  29
  for
  users. 

• The
  CryptoEQ
  sentiment
  tracker
  identified
  a
  positive
  sentiment
  among
  XRP
  traders
  on
  Friday.
  The
  tracker
  calculates
  the
  sentiment
  through
  the
  asset’s
  mention
  in
  media
  and
  social
  media
  platforms. 
• The
  Securities
  and
  Exchange
  Commission
  (SEC)
  vs.
  
  Ripple
  lawsuit
  has
  no
  further
  update
  since
  Attorney
  Fred
  Rispoli
  predicted
  that
  the
  legal
  battle
  will
  end
  in
  July
  2024. 
• SEC
  vs.
  Ripple
  lawsuit
  ruling
  could
  come
  out
  as
  early
  as
  July
  13,
  according
  to
  this
  pro-crypto
  attorney

Technical
analysis:
XRP
breaks
past
key
resistance,
extends
gains

Ripple
is
in
an
upward
trend,
extending
gains
by
nearly
5%
on
Friday.
As
sentiment
among
XRP
traders
stays
bullish,
the
altcoin
could
rally
towards
resistance
at
the
psychological
barrier
at
$0.50. 

At
the
time
of
writing,
XRP
trades
at
$0.4719.

Further
up,
XRP
could
rally
towards
$0.5205,
nearly
10%
gains
from
the
current
level,
as
seen
in
the
XRP/USDT
daily
chart.
The
Moving
Average
Convergence
Divergence
(MACD)
indicator
shows
a
positive
momentum
of
the

Ripple
price
trend. 

XRP/USDT
daily
chart 

If
XRP
corrects,
the
altcoin
could
collect
liquidity
in
the
Fair
Value
Gap
(FVG)
between
$0.40
and
$0.44,
as
seen
in
the
chart
above.
Further
down,
Ripple’s
price
could
find
support
at
the
July
5
low
of
$0.3823.