New York-based stock exchange Nasdaq has declared that from May 1, 2019, it will add the real-time Ripple (XRP) Liquidity Index to the Nasdaq Global Index ServiceSM (GIDS.) Nasdaq made the announcement on April 29, 2019.
XRP Index on Nasdaq
Effective from May 1, traders will be able to track the real-time price of Brave New Coin’s XRP Liquid Index (XRPLX) on Nasdaq. The bullish announcement didn’t take long to reflect on XRP’s price as within an hour the altcoin jumped by more than four percent.
New Zealand-based blockchain and cryptocurrency research firm BNC tweeted the development on April 30 which was enough to lift the optimism of the XRP army.
With the inclusion of the XRP-based Liquid Index, Nasdaq’s GIDS now boasts of three crypto-specific indexes.
As previously reported by BTCManager, the $10 trillion market cap stock exchange, in partnership with BNC, had introduced Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) to track the real-time price of bitcoin (BTC) and ether (ETH), respectively.
Enabling the Discovery of the Most Accurate Price
The addition of an increasing number of cryptocurrencies to Nasdaq’s GIDS offering is a welcome development for the crypto space as it would not only help in the discovery of the latest spot prices of digital assets but also appeal to retail and institutional investors alike due to the involvement of a reputed financial institute like Nasdaq.
Nasdaq’s press release reads in part:
“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.”
Ripple’s XRP is currently the third-largest cryptocurrency with a market cap of $12.7 billion. At press time, the XRP token trades at $0.304 with the 24-hour trading volume of $1.26 billion.
BTCManager reported on April 2, 2019, how Switzerland’s SIX Stock Exchange listed the first ever XRP-based exchange-traded product (ETP) called Amun Ripple under the ticker symbol AXRP.
Europe’s fourth-largest stock exchange, SIX Swiss Exchange received the regulatory approval to list the world’s first crypto ETP in November last year.