Its an advanced version of Screen Space Reflections, which despite what people think it IS Ray Tracing, its simply that the Ray's are culled to the camera and viewing angle, this method used to introduce graphical artefacts and would sometimes reflect stuff that it shouldn't, but like most technologies they continue to be developed and improved over time, Crytek having developed this technology for more than half a decade at this point have got it looking as good as RTX but with only half the performance penalty. That's what you are seeing.
Crytek have also been developing Ray Traced Global illumination for just as long, again its as good but far more efficient than RTX.
This is an example of it being used in Cryengine 3, actually a 4 year old engine. this game is not a billboard for RTX so its not in your face obvious reflections but rather realistic reflections like you would get in the real world, like wet concrete or ashfelt.