Ripple extends gains as XRP traders hopeful of adoption 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.