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NASDAQ adds Ripple XRP index after listing BTC and ETH

Amandeep Sonewane | May. 1, 2019
NASDAQ adds Ripple XRP index after listing BTC and ETH

May 01, 2019 | AtoZ Markets - The second largest stock exchange, NASDAQ has recently made an announcement for listing Ripple’s XRP cryptocurrency, the third largest digital asset in the coin market.

NASDAQ adds Ripple XRP Index to its Global Data Platform

On 29th April, Nasdaq has announced that the development is achieved in partnership with Brave New Coin (BNC), a renowned New Zealand blockchain data and research company that partnered with the exchange in February 2018. Today, XRP branded as XRP Liquid Index (XRPLX), which will offer real-time data on XRP on Nasdaq's global data platform.

Ripple’s XRP Liquid Index (XRPLX) will ensure traders to get crucial data about the XRP price. Nasdaq and Brave New Coin promise that the data will be taken only from exchanges with the highest liquidity volumes, such as Bitfinex, Poloniex, Coinbase.

According to Nasdaq,

“The XRP Liquid Index (XRPLX) is designed to provide a real-time spot or reference rate for the price of 1 XRP, quoted in USD, and based on the most liquid ends of their markets. The index is calculated using a methodology that has been independently audited against key IOSCO principles.”

The launch of XRP liquid index (XRPLX) is clearly significant because it might play an important role in the mass adoption of cryptocurrencies. Institutional traders who may have been on the sidelines are being drawn into space with the launch of each index.

Now, the BNC XRP index addition will allow traders to track the price of XRP with more transparency than before. 

What is Ripple’s XRP Liquid Index?

Ripple’s XRP Liquid Index has been designed to provide a real-time reference rate for the price of 1 XRP, which is pegged in USD, and is based on the most liquid ends of their markets. Moreover, XRP Liquid Index calculation is done by using an approach independently audited against key IOSCO principles, and it has been calculated as far back as August 14, 2014.

Additionally, before the existence of Ripple’s XRP Liquid Index, the likes of Bitcoin Liquid Index (BLX) and the Etheruem Liquid Index (ELX) had been part of the Liquid Indices Program on Brave New Coin (BNC).

XRP surged 5% after Nasdaq's announcement

Ripple price has jumped by 5.18% to $0.3094 after the Nasdaq announcement to list Ripple Liquid Index to its platform. The coin now has a total market cap of $13 Billion according to coinmarketcap.com stats. 

Within 5 minutes of the announcement, the price of Ripple on Binance exchange saw sudden price boost of 1.7%, jumping from 0.294 USDT to a surprising 24-hour high value of 0.299 USDT.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.