NASDAQ Supports Ripple's Cryptocurrency with Real-Time XRP Liquid Index (XRPLX) Inforamtion

One of the most exciting signs of crypto adoption is the addition of crypto tracking indices to the NASDAQ, as was the case when both bitcoin and ethereum indices were added officially in 2019. So far, it seems that it was a successful endeavor as NASDAQ has announced on April 29, 2019. that they have added the XRP liquid index to their global data service.

The post stated that this development is part of a partnership with Brave New Coin, a cryptocurrency analytics company, which will send the real-time XRPindex of information to the NASDAQ global index data service SM. Brave New Coin was also responsible for the Bitcoin liquid index and ethereum liquid index that was added to NASDAQ in February. The XRP liquid index is designed to provide real-time spot or current rate for the price of 1 XRP quoted in US dollars and is also based on the most liquid ends of their market.

This price is calculated using a methodology that is independently audited against IOSCO principles and this change will be effective from May 1, 2019.

Brave New Coin made a separate announcement of their own about this new development on their website.

“The XRPLX sources data from only the most liquid exchanges by volume and order-book depth […] Current constituent exchanges for the XRPLX include Bitfinex, Bitstamp, Poloniex and Kraken with Coinbase to be added in the next review,”

the post said.

Real-time Tracking

It is no surprise that there is a growing need for the real-time tracking of the prices of various cryptocurrencies. This can be put down to the fact that more and more institutional funds are being pumped into cryptocurrency and as more institutional bodies are trading in crypto, there is the need for real-time information about the tokens.

Naturally, this development began with some of the most popular tokens such as bitcoin, ethereum, and XRP, but it is expected that more indices of smaller tokens will be added as time goes on and when the practice becomes more commonplace in the mainstream financial world.

This brings up a whole new round of speculation about what tokens will next to be added to the NASDAQ and just how many tokens in total will be added in the coming months and years.

It also highlights how a balance will, over time, need to be struck between cryptocurrency as an investment or and also cryptocurrency as a medium of exchange. Because the market is still new and the is more progress being made on the investment end, there is more emphasis on developing the trading aspect of crypto and not quite as much regarding crypto as a means of paying for goods and services.

Steve Wozniak, for example, stated that the reason he sold all his bitcoin at the height of the crypto bubble was that he was tired of the constant speculation about the price. It is evident that there is a faction of crypto users who merely want to buy goods and services and are not quite as interested in Trading. Hopefully, with time, that section of the market will be better catered to.

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Tokoni Uti
Tokoni Uti
Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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