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XRP Joins CME Group Derivatives Marketplace in the US

Abdulkarim Abdulwahab
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XRP Joins CME Group Derivatives Marketplace in the US

CME Group is launching crypto benchmarks for XRP to provide transparent pricing information for the seventh-biggest crypto.

On Thursday, the world’s leading derivatives marketplace in the US disclosed supporting XRP pricing information via its official X handle and website. The announcement revealed that from July 29, CME Group will incorporate USD reference rates and real-time indices for XRP and Internet Computer (ICP).

Essentially, the derivatives marketplace will now provide transparent and standardized pricing information for XRP and ICP, joining their existing suite of cryptocurrency benchmarks.

How CME Group Pricing Info Works

Notably, CME CF Reference Rates compile and aggregate trade data from leading crypto spot exchanges to produce a daily reference rate for the USD value of supported crypto. The calculation methodology prioritizes transparency and real-time accuracy to ensure the reference rate reflects the underlying spot market conditions. 

The reference rates will be published once daily, specifically from 3:00 PM to 4:00 PM London time. Conversely, the real-time indices will be updated continuously throughout the day, including weekends.

Emphatically, CME Group is now promoting accurate XRP pricing data to facilitate better price discovery, risk management, and the creation of financial products based on these cryptocurrencies. 

By introducing these reference rates, the leading American derivatives market player aims to provide crypto traders, companies, and other stakeholders with a trusted and reliable price reference source.

XRP Army Reacts

XRP’s addition to CME benchmarks has elicited various reactions from passionate community members. Some believe it is a preparatory step to something much more significant for XRP, including an ETF.

Significantly, XRP joins CME Group’s benchmarks, following in the footsteps of Bitcoin, which has been tracked for eight years, and Ethereum, which has been monitored for six years. Notably, the reference rates for Bitcoin and Ethereum serve as the settlement price for CME’s cryptocurrency futures. 

Other digital assets that preceded XRP in CME benchmarks included Stellar (XLM), Solana, Polygon, Chainlink, and Litecoin.

Shiba Inu Team Touts Imminent Introduction of SHIB ETFs

Sam Wisdom Raphael
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Shiba Inu Team Touts Imminent Introduction of SHIB ETFs

Lucie, a Shiba Inu marketer, expresses confidence in the arrival of SHIB ETFs, but outlines the drawbacks as well as the benefits they could bring.

Amid the success of the spot Bitcoin ETFs, which currently boast $15.5 billion in net inflows since January, discussions around exchange-traded funds (ETFs) have spilled to other crypto assets.

Discussions around Crypto ETFs

The top contender for the next batch of ETFs is Ethereum. The SEC recently approved 19b-4 filings from different issues to launch a spot Ethereum ETF. However, the regulatory agency still needs to approve the S-1 registrations for these products to start trading.

Interestingly, asset manager VanEck recently filed for the first Solana ETF, with 21Shares following suit shortly after. ETF analysts believe the chances of an approval for this product are low, especially this year. Bloomberg ETF analyst Eric Balchunas noted that the final deadline for a response on these filings could be March 2025.

Lately, however, attention has turned towards Shiba Inu (SHIB), with calls for the introduction of SHIB ETFs gaining momentum.

The SHIB community, buoyed by the success of Bitcoin ETFs and the growing attention on other assets, is actively advocating for asset managers to file for SHIB ETFs. These efforts include a petition directed at Grayscale, but concrete responses are still pending.

Amid these calls, Lucie, a spokesperson from the Shiba Inu ecosystem team, expressed confidence in the prospect of a SHIB ETF. She emphasized that institutional interest in SHIB’s decentralized nature could pave the way for its ETF inclusion, similar to trends observed with other cryptocurrencies.

Benefits of SHIB ETFs

However, Lucie emphasized in a separate post that SHIB ETFs could present drawbacks as well as benefits for the ecosystem.  

According to her, it would simplify the process for traditional investors to gain exposure to Shiba Inu without the need to go through exchanges. This accessibility is a major advantage, potentially opening up the market to a broader audience.

Furthermore, as regulated instruments, SHIB ETFs would provide a level of security and compliance that could attract institutional investors who are typically cautious about the crypto market’s “wild west” nature. 

Moreover, Lucie stressed that the introduction of SHIB ETFs could also enhance diversification strategies by including a mix of related assets, thereby mitigating risk. Additionally, listing SHIB in an ETF could boost liquidity and demand. This is likely to impact Shiba Inu’s price positively.

Drawbacks of SHIB ETFs

However, Lucie also highlighted some potential drawbacks of SHIB ETFs. One major concern is the issue of centralization. While ETFs could bring stability, they also centralize control. The centralization feature might reduce the influence of the community over governance decisions.

Another drawback is a decrease in direct Shiba Inu ownership. Investors in a SHIB ETF would not hold SHIB tokens directly. Consequently, they would not be able to engage in DeFi activities like staking. This might lead to reduced participation in these activities.

Additionally, ETFs come with management fees and regulatory oversight, which could deter cost-conscious DeFi participants. While these features provide security and legitimacy for cautious investors, they might not appeal to everyone.

Lastly, Lucie noted that a concentration of SHIB ownership through ETFs could introduce risks of market manipulation. This centralization could lead to potential market influence by a few.

Big Step to Institutional XRP Product: Ripple CEO Praises This Massive XRP Index Initiative

Lele Jima
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Big Step to Institutional XRP Product: Ripple CEO Praises This Massive XRP Index Initiative

Ripple CEO Brad Garlinghouse expresses enthusiasm following CME’s launch of a new reference rate and real-time indices for XRP.  

The Chicago Mercantile Exchange (CME), in collaboration with CF Benchmarks, announced earlier this week the launch of a new reference rate and real-time indices for XRP. 

Details About XRP Price Index

According to the announcement, CF Benchmarks will calculate and publish the new benchmark daily, starting July 29, 2024. CME said that with the new benchmark, market participants would gain access to transparent XRP pricing data, allowing them to accurately value their portfolios or create structured products. 

It bears mentioning that CME and CF Benchmarks also rolled out the pricing data for Internet Computer (ICP). The announcement notes that the XRP and ICP benchmarks will leverage pricing data from leading crypto exchanges like Coinbase, Bitstamp, Gemini, Kraken, itBit, and LMAX Digital. 

Notably, each newly added benchmark will be calculated using pricing data from at least two of the aforementioned exchanges for accuracy. 

Following the addition of XRP and ICP benchmarks, CME CF reference rates and real-time indices now offer pricing data for 24 cryptocurrencies, covering 93% of the investible crypto market capitalization. 

Per the announcement, the XRP and ICP reference rates will publish the U.S. Dollar price of each asset daily at 4 PM (London Time). Similarly, the real-time index of each asset will be provided per second. 

Ripple CEO Reacts 

The initiative sparked reactions across the broader crypto community, with Ripple CEO highlighting the significance of the XRP benchmark. 

The Ripple CEO characterized the XRP price index as the first step towards developing institutional crypto products. He expressed satisfaction with the index’s introduction, suggesting that the initiative reflects a response from the market. 

Is XRP ETF Around the Corner?  

Meanwhile, the newly introduced benchmark has triggered speculations about the potential launch of an XRP ETF. Speculations suggest that the launch of an XRP price index on CME could lead to the listing of a CFTC-regulated XRP futures product on the global derivatives marketplace- one of the requirements for a spot ETF. 

Last month, Bloomberg ETF analyst James Seyffart suggested that for a crypto asset to get the SEC’s blessings for a spot ETF, it must have a futures product regulated by the CFTC. 

In the meantime, CME has not revealed plans to list any XRP futures product. It emphasized that the new XRP benchmark is not a tradable futures product. 

American Wealth Advisor Says XRP 100,000% Surge Incoming

Abdulkarim Abdulwahab
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American Wealth Advisor Says XRP 100,000% Surge Incoming

Mickle, a U.S.-based wealth advisor, has suggested that a 1,000X price surge for XRP could be on the horizon, urging market participants not to miss out.

The analyst expressed this view in a recent post on X in which he explored XRP’s historical pattern. Specifically, Mickle recalled when XRP traded largely below $0.01, characterized by sideways movements and low volumes.

This occurred between early 2014 and 2017 when XRP mostly traded with two leading zeros. Mickle noted that during this period of stagnant performance, many were writing off XRP as “dead,” “going away,” or a “failure,” as other digital assets were surging in value.

However, a dramatic turnaround occurred in 2017. XRP’s price first exploded by over 5,200% from around $0.0056 in February to $0.3 by June of that year. Following a brief period of sideways movement, XRP experienced another massive surge. It soared from around $0.2 in November to an all-time high of $3.84 on January 4, 2018. 

On a larger scale, XRP’s remarkable pump to an ATH represented a staggering growth of over 75,000% or 750X.

XRP Price to 1,000X?

By revisiting this history, Mickle aimed to reassure market participants about XRP’s current performance. It suggested that the asset has a precedent of underperforming early on before experiencing a violent price surge. 

He emphasized that investors who are overly focused on XRP’s current market activity and swayed by criticism are missing the bigger picture and should consider selling their XRP and moving on. 

Notably, Mickle suggested a potential 1,000X price surge for XRP, equivalent to a 100,000% increase. If realized, this would propel XRP’s market value from its current $0.4452 to $445. By extension, XRP would boast a staggering $44 trillion market capitalization. 

Aside from historical observation, another factor influencing Mickle’s bold outlook is his view that XRP is the equivalent of Apple stock. 

Interestingly, many in the XRP community believe his audacious outlook is realistic, anticipating its materialization someday. Meanwhile, critics sternly disagree, given the market cap implication of such a price level.

Market Expert Says Shiba Inu to $0.01 is a Certainty, Cites Historic Dogecoin Feat

Sam Wisdom Raphael
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Market Expert Says Shiba Inu to $0.01 is a Certainty, Cites Historic Dogecoin Feat

Market analyst Luis Delgado (Del Crxpto) recently cited a historic feat from Dogecoin as he maintains confidence that a Shiba Inu rally to $0.01 is a certainty.

In a recent post on X, Delgado called attention to Dogecoin’s ability to surpass the $0.01 price mark. Being the first-ever meme coin, DOGE’s market debut was marked by an opening price of $0.00056 in December 2013. The token rallied to a peak of $0.00232 a month later and then retraced to $0.0001 in August 2014.

Dogecoin Made the Impossible Possible 

Dogecoin continued to trade between $0.0001 and $0.0002 for nearly four years. At the time, discussions around any rally to $0.01 seemed ridiculous due to the upsurge needed for that price. However, DOGE began a historic uptrend during the 2017 bull run. This rally eventually led to a high of $0.01073 in December 2017.

Dogecoin has only continued to reach greater heights since then, riding on billionaire Elon Musk’s endorsement to hit an all-time high of $0.7390 in May 2021. According to Delgado, Dogecoin’s push above $0.01 was a reminder to market participants that the impossible is possible.

This sentiment is dominant within the crypto market, where assets have reached values previously dismissed as unfeasible. One such case involves Shiba Inu, which has been at the center of multiple ambitious price targets. The $0.01 goal has often sprung up on several occasions, but proponents have quickly dismissed it.

Confidence in a Shiba Inu Rally to $0.01

However, Delgado is confident that this $0.01 target is attainable for SHIB. He has continued to make projections around this target, expressing his steadfast confidence in the goal. The market commentator asserted in a previous X post that a Shiba Inu upsurge to the $0.01 level is a “certainty.”

He argued that when Shiba Inu surpasses the $0.01 level, the general narrative would shift to “$1 is impossible.” This remark hinges on the fact that even the $0.000016 level, which SHIB currently trades for, was considered an impossibility at the time the token traded at much lower values such as $0.000000002 in 2020. SHIB marketer Lucie also asserted that $0.01 is possible, but not right now.

Notably, one of the major factors posing a roadblock to Shiba Inu’s rally to $0.01 is its circulating supply. With a supply of over 589 trillion tokens, a $0.01 price for SHIB would lead to a market cap of $5.89 trillion. This is more than twice the current valuation of the entire crypto market, making the price level difficult to reach.

However, while the chances are extremely low, the crypto market has always been a source of surprises for investors. An unlikely case that could help SHIB reach $0.01 could involve an enormous burn event. Nonetheless, the probability is very low. Shiba Inu currently trades for $0.0000165, down 4% this month.

The VeChain VeBetterDAO Sees Increased Adoption in Japan

Zabi
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The VeChain VeBetterDAO Sees Increased Adoption in Japan

VeBetterDAO from VeChain sees increased adoption in Japan with 3,496 unique users in seven days, as the U.S. and Vietnam follow behind with strong engagement.

VeBetterDAO, a sustainability-focused platform introduced by VeChain in February, is experiencing a surge in adoption in Japan. The latest data reveals that globally, Japan leads in adoption, with 3,496 unique users engaging the platform over the past seven days.

The United States ranks second with 1,594 unique users, showcasing a robust user base and significant interest. Vietnam follows closely with 1,069 unique users, indicating successful outreach and adoption in these regions. Despite the higher figures in these regions, some commentators bemoan a low adoption rate.

Germany and the Netherlands also show strong engagement, with 651 and 544 unique users, respectively. These top five countries are driving the majority of user interactions on the VeBetterDAO platform, underscoring their importance in the global adoption of VeChain’s innovative technologies.

Broader Global Distribution

Beyond the top five, several countries exhibit moderate engagement. South Korea, Italy, the United Kingdom, and Sweden each have between 224 and 492 unique users. Additionally, countries like France, Taiwan, Spain, Turkey, and Canada have user counts ranging from 100 to 200. 

Countries with user engagement between 90 and 130 include Australia, Belgium, Indonesia, Poland, India, China, and Brazil. 

Despite the widespread interest, some countries show lower engagement levels. Finland, Singapore, Thailand, Hong Kong, Malaysia, Austria, Ireland, Nigeria, Russia, the Philippines, Bulgaria, and Slovakia each have fewer than 85 unique users. 

VeChain’s Strategic Developments

VeChain continued to advance its sustainability initiatives when it launched VeBetterDAO in February. The platform looks to foster the adoption of Web3 technology among enterprises and individuals, aligning with VeChain’s X-2-Earn strategy. 

VeBetterDAO represents the evolution of VeChain’s Web3 for Better whitepaper, developed in partnership with the Boston Consulting Group.

Elsewhere, recent analyses, including one by crypto analyst Egrag, highlight VeChain’s (VET) potential bullish trajectory. Based on Egrag’s analysis, VET is close to completing corrective wave 2 and is set to begin wave 3, potentially driving its price higher.

Hoskinson Reveals How Cardano Could Flip Bitcoin

Mark Brennan
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Hoskinson Reveals How Cardano Could Flip Bitcoin

Cardano founder Charles Hoskinson outlines Cardano’s vision to surpass Bitcoin with innovation, new listings, and advanced governance, targeting a multi-trillion ecosystem.

Cardanians on X recently shared a statement from Charles Hoskinson, where he emphasized the potential ease of surpassing Bitcoin. According to Hoskinson, Bitcoin has stalled, while the Cardano community is equipped with the necessary resources, inspiration, and tools to advance and take the next step.

In an interview with Altcoins Daily, Hoskinson criticized Bitcoin for its lack of innovation and limited utility. He argued that Bitcoin’s primary value lies in its size and success, rather than in any new technological advancements. 

Drawing comparisons to outdated platforms like Yahoo and MySpace, Hoskinson suggested that these brands failed over time due to their inability to adapt. He believes Bitcoin could face a similar decline if it remains inflexible.

Cardano’s Innovative Approach

Hoskinson highlighted Cardano’s ability to continuously adopt new technologies and expand its ecosystem. He envisions Cardano evolving beyond just another cryptocurrency, aiming to grow into a multi-trillion-dollar ecosystem by attracting more users and technologies from competitors.

“We’re trying to change the economic, political, and social systems of the world for everyone, everywhere,” the Cardano founder explained.

Hoskinson also stressed the crucial role of governance in the long-term success of a cryptocurrency project. He stated: 

“Governance matters that much. It is really the core differentiator between whether a project is successful or a project will fail.”

The Chang Hard Fork and Future Prospects

Hoskinson pointed to the upcoming Chang hard fork as a milestone for Cardano. Part of Cardano’s Voltaire phase, this hard fork will introduce community-run governance, allowing ADA token holders to vote on proposals that benefit the network. Hoskinson predicted that with Chang, Cardano would have the “most advanced blockchain governance system.”

In related news, the decentralized derivatives platform Horizon Protocol has approved HIP-16, a proposal to list XRP, Cardano, and Chainlink. The trading and liquidity pool protocol announced plans for these new listings on Horizon Futures in a recent post.

Stop Investing in XRP, As It Has a Slim Future: Crypto Founder

Abdulkarim Abdulwahab
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0
Stop Investing in XRP, As It Has a Slim Future: Crypto Founder

Joshua Jake, the co-founder of OmniSwapAi, boldly warns crypto market participants to distance themselves from XRP, the seventh biggest crypto, describing it as trash.

In a recent post on X, Jake stirred emotions by branding XRP as a worthless crypto to hold. The commentary quickly attracted significant reactions, particularly from passionate holders who felt targeted. 

Community Reacts

Some accused Jake of being financed by the Bitcoin maximalists to disparage XRP. Others claim he lacks proper education about XRP and urge him to buy Ethereum and leave XRP.

Conversely, many other commenters praised Jake’s perspective on XRP. X user Cannoli Papi remarked that he wishes crypto enthusiasts would someday come to realize XRP is “trash” and not worthy of holding, as Jake suggested.

Another commented that liquidating his XRP holdings for other assets was among his best crypto investment decisions ever.

Why the Calls to Divest from XRP

These negative commentaries about XRP stemmed from its protracted underperformance in the crypto market. Among the top-ranking cryptocurrencies, XRP alone missed out on the 2021 buoyant market by falling to set a new all-time high. 

So far, there have been no signs that XRP would change the narrative in this cycle beyond the optimism of ambitious proponents. For instance, XRP posts negative returns across major timeframes. Specifically, the asset is down by 28% in the last 90 days and shoulders a staggering 30.21% loss on a year-to-date scale. 

While the recent market downturn aggravated these losses, XRP failed to perform commendably when the broader market was in a frenzy in Q1 2024 and Q4 2023. Among the top 100 ranking crypto assets, XRP is behind 82 in yearly price performance.

XRP risk analysis Coincodex
XRP risk analysis Coincodex

Considering these statistics, community pundits like Jake continue to discourage market participants from investing in XRP. In his view, being an XRP maxi means having no desire for wealth. 

He voiced this view in Q1 when Bitcoin, Ethereum, BNB, and Solana all posted above 30% gains, while XRP saw only 3% under the same time frame.

Jake’s most ambitious outlook for this cycle is $1.9, the value it peaked in the last bull run. On the other hand, ambitious XRP analysts have proposed the likelihood of XRP attaining $27 is based on its 2017 pattern.

Bitcoin ETF Market Rebounds with $2.13B Daily Average Volume

Abdulkarim Abdulwahab
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0
Bitcoin ETF Market Rebounds with $2.13B Daily Average Volume

The Bitcoin exchange-traded fund market, particularly spot investments from U.S. asset managers, is experiencing a resurgence amid the recent price recovery.

In an update today, market intelligence platform Santiment drew public attention to the latest data concerning Bitcoin ETF trading volumes.

7 Bitcoin ETFs Seeing $2.13B Average Volume 

The report revealed that the average daily trading volume of Bitcoin ETFs among the seven biggest ETF issuers is now $1.75 billion in July. 

The ETFs include Grayscale’s GBTC, BlackRock’s IBIT, Fidelity’s FBTC, Ark Invest’s ARKB, Invesco Galaxy’s BTCO, Bitwise’s BITB, and VanEck’s HODL.

After a slow start to the month, their trading activity has picked up significantly, nearly doubling in figure. Specifically, the average volume from July 1 to 3 was $1.24 billion, but this figure increased to $2.13 billion from July 4 to 10, representing a 72% surge.

The new movement opposes the depressing trend observed in the past few weeks, where Bitcoin exhibited substantial price instability. Last week, Bitcoin encountered a bearish volatility that forced it to revisit the $53K range. 

With the market recovering gradually, Bitcoin ETF trading volume has shown signs of resurgence as the premier asset rekindles optimism in the investment market. 

In Q1, when Bitcoin was at an all-time high, trading volume surpassed $11 billion. With Bitcoin trading at $58,700 at press time, the one-week trading volume averaged $2.13 billion. 

Bitcoin ETFs See Fourth Consecutive Positive Flow 

Notably, this latest uptick in average Bitcoin ETF trading volume is also reflected in the flow of funds to the crypto investment products.

On Wednesday, the U.S. Bitcoin ETF market recorded over $147 million net flow, scoring the fourth consecutive trading day of positive flow. Asset managers that led yesterday’s figure included Fidelity, with $57.8 million, and BlackRock, with $22 million, though this is a massive drop from the $121 million recorded the previous day.

Interestingly, all U.S. ETF issuers experienced significant positive inflows, except for the WisdomTree Bitcoin Fund, which had zero flow, and Grayscale’s GBTC, which saw a negative flow of $8.2 million.

Bitcoin Stalls Below $59K Amid Split from US Equities as S&P 500 Hits New ATHs

Sam Wisdom Raphael
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Bitcoin Stalls Below $59K Amid Split from US Equities as S&P 500 Hits New ATHs

Bitcoin (BTC) continues to struggle underneath the $59,000 price level amid its recent decoupling from U.S. equities, while the S&P 500 hits new all-time highs.

The crypto market recently faced its most bearish period this year, with Bitcoin collapsing to 4-month lows. Amid this downtrend, the global crypto market cap has lost $590 billion since March, currently at a 5-month low of $2.17 trillion. 

This market crash is primarily due to unique selling pressure surrounding Bitcoin rather than macroeconomic conditions. Bolstering this notion is the performance of U.S. equities during this period of sustained crypto market downtrend. Generally, the U.S. stock market is currently witnessing a bullish trend.

US Equities Rally While BTC Underperforms

For instance, the NASDAQ Composite, now trading for $18,656, has increased 7.57% over the past month. Also, the Dow Jones Industrial Average is up 2.34% within the same timeframe. The latest U.S. jobs report, which bolstered hopes of a rate cut, also contributed to recent upsurges in these equities.

Meanwhile, Bitcoin has dropped 13.22% in the past month, confirming its decoupling from the U.S. stock market. The S&P 500, which had historically moved in tandem with BTC in recent times, has experienced a more bullish trend. 

Notably, the stock has continued to record new all-time highs for the past three days amid a bull run. It is now up 3.22% this month, trading for $5,635, while BTC has dropped 6.57% this month. Market analyst Ali Martinez called attention to this divergence in performance, stressing Bitcoin’s recent collapse to $54,000.

Bitcoin dropped to $54,296 on July 8 before staging a mild rebound from this low. Despite the rebound, the premier crypto asset still struggles underneath the $59,000 price level. The selling pressure from the German government selloffs and the Mt. Gox repayments has kept bulls silent. 

Market Analysts Project Bitcoin Recovery

However, despite the sustenance of the selloffs, Bitcoin has defended the $58,000 level, fighting off steeper drops. This resilience has triggered confidence that massive recovery could play out once the sales end. Martinez emphasized that time would tell if BTC can rebound fully and catch up with the S&P 500’s rally.

Pseudonymous market analyst Moustache recently revealed that Bitcoin is on the verge of recording an unprecedented bullish cross. According to him, the Bitcoin 100-week MA is about to cross above the 200-week MA for the first time in history. This golden cross is expected to catalyze a market rally.

Rekt Capital, another respected analyst, noted that BTC is currently facing resistance at a downward trendline on the daily chart. He confirmed that Bitcoin is now looking to retest the resistance following a pullback witnessed yesterday. In a report two days back, market veteran Michaël van de Poppe touted Bitcoin’s ability to absorb the selling pressure and record a comeback.

Bitcoin currently trades for $58,170, up by a meager 0.69% today. The token has its eyes set on the 20-day SMA ($59,959), pivotal for a flip in momentum to bullish. However, BTC must maintain its defense above the lower Bollinger Band ($55,072) to retain its current position.

Bitcoin 1D Chart
Bitcoin 1D Chart
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