German Stock Exchange Boerse Stuttgart Launches Exchange-Traded Notes For XRP And LTC

German Stock Exchange Boerse Stuttgart Launches Exchange-Traded Notes For XRP And LTC

Litecoin (LTC) and XRP have found favor with Germany’s second largest stock exchange Boerse Stuttgart. The company has announced the launch of trading for exchange-traded notes (ETNs) for the two digital assets today Monday 13 May 2019.

According to the exchange, XBT Provider, a Swedish firm will be providing four securities which are currently available on the exchange, to help to track the price of the two assets against the Euro and Swedish Krona.

XRP and LTC have already been on the exchange and have been traded since April but this will be the first time investors in Germany can track the future developments of the two assets, the exchange’s director for blue chips & funds trading, Jürgen Dietrich, said.

Exchange-traded Notes allow investors to gain exposure on certain assets, in this case, cryptocurrencies, without actually buying those assets. XRP and LTC ETNs will be available for trading on the exchange between 8:00 and 22:00 hours CET (07:00 and 21:00 hours UTC) on Monday 13 May 2019.

This is a good development for XRP which has been struggling in the market and for Litecoin as the two will have some level of exposure as a result of the ETNs on the German exchange. Despite several Ripple customers who use XRP for liquidity, XRP has not been doing well in the cryptocurrency market despite the general growth experienced especially for Bitcoin. Its current price is said to be a delicate balance that must be maintained if the asset will have any hope of surviving in the market.

Hopefully, this new listing will bring the two assets to more users and drive the price up as more usage means a higher price. As the market continues to blossom at this time, analysts have said altcoins may suffer but with sufficient exposure, XRP may break out of the price cage and soar alongside Ethereum.

Currently, XRP is trading at $0.32 while Litecoin is at $89.33, both in the green as most cryptocurrencies are. Will the new development push their prices up or will it just be business as usual for the two assets? We will watch closely and provide you with updates on the progress of the two assets and how they fair in the market from now on. How do you think the listing will affect XRP and LTC? Let us know your thoughts.

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