Recently, the media was happy to report that Nasdaq is set to add New Coin’s XRP Liquid Index. As a result, some of the crypto traders will experience a bull frenzy. After the announcement, XRP grew by 4% in an hour. The announcement was issued after Nasdaq added Coin’s Ethereum and Bitcoin liquidity indexes.
More and more people are utilizing cryptocurrencies as the presence of crypto indexes have come in handy since it favors such individuals. Institutional investors are also gaining a lot from the launch of these indexes. There is also a high chance that the cryptocurrencies might also receive regulatory approval.
Users can now track the price of XRP using the BNC XRP index, which will have higher levels of transparency. Nasdaq currently deals with Ethereum and Bitcoin, and they are the third largest corporation that deals with crypto assets and the market cap is worth $12 billion. Through the XRP-based index, the company is set to grow further. The announcement was issued after Nasdaq added the BLX and ELX liquidity indexes which are now a part of the Nasdaq Global Index Data Service.
The launch of these indexes has also been taking place at opportune moments when people are now endorsing the use of cryptocurrencies on a larger scale. Many media firms have been issuing news and updates on the cryptocurrencies. The cryptocurrency insights ensure that people are up to date with any moves made by prominent companies such as Nasdaq.
The XRPLX (XRP Liquid Index) is set to meet the marketplace requirements to ensure that there is reliability when trading the USD for XRP. The prices will also be influenced by real-world trading activity. As a result, the index will offer a market price depending on factors such as liquidity.
It has also been reported that the XRP Liquid Index has many features that ensure it is suitable for settlements and issuing accurate prices. Some of the features include 30-second intraday pricing. Nasdaq also mentioned other features that will be present include time and volume-weighted averages as well as end-of-day OHLCV.
The XRP Index will have some similarity to the Ethereum and Bitcoin indexes in that people will also get real-time reference rates that will be formulated after the analysis of the global markets liquid parts. The XRP base price will be dependent on the XRP Liquid Index. The XRPLX would also influence the base price of the ELX and BLX.
According to insider news, Nasdaq has focused on a small group of OTC (over-the-counter) exchanges. The indexes are also keen on the platforms that process cryptocurrency trades. They are also determined to find a suitable spot price. Recent insights on the cryptocurrency market have indicated that XRPLX is highly involved in the following exchanges; Bitstamp, Kraken, Bitfinex, and Poloniex. It has also been announced that they would also add Coinbase.
Nasdaq is one of the traditional trading players in the cryptocurrencies industry. The company has played a crucial role in ensuring that cryptocurrencies had become more popular. Despite the different challenges, Nasdaq is set to grow further. Between January and March, Nasdaq sold XRP units worth $169.42 million.