Nasdaq Announces to Add Ripple’s XRP Liquid Index

Ripple's XRP Liquid Index

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.

On 29th April, Nasdaq revealed 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. Launching on May 1, XRP branded as XRP Liquid Index (XRPLX), which will offer real-time data on XRP.

Moreover, 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.”

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).

Ripple Price hiked after Nasdaq Announcement

At press time, Ripple price has jumped by 5.18% to $0.3094 according to coinmarketcap.com stats. The coin now has a total market cap of $13 Billion.

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.

Written by Rahib Zakaria

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