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Following the launch of bitcoin and Ethereum liquidity indices earlier this year, Nasdaq is going to launch index for Ripple’s native token, XRP, to its global data service, CoinDesk reported.
In February, Nasdaq launched the Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) on its platform through its data dissemination relationship with Brave New Coin (BNC).
In its latest announcement, the stock exchange operator said:
“Effective Wednesday, May 1, 2019, Nasdaq, through its data dissemination relationship with Brave New Coin, will send real-time Ripple (XRP) index level information on the Nasdaq Global Index Data Service (GIDS).”
The XRP Liquid Index (XRPLX) will provide a real-time spot or reference rate for the price of 1 XRP, quoted in U.S. dollars, 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,” the description reads. “The XRPLX has been calculated back to August 14, 2014.”
BNC said that the XRPLX Liquid Index will allow users to track the price of the XRP token “with far greater transparency than before” and added that the index has been developed to meet the marketplace requirement for a “single, reliable and fair USD price for XRP — based on live real-world trading activity.”
“The XRPLX sources data from only the most liquid exchanges by volume and order-book depth,” it said. “Current constituent exchanges for the XRPLX include Bitfinex, Bitstamp, Poloniex and Kraken with Coinbase to be added in the next review.”
XRP, the third largest cryptocurrency by market cap, jumped by more than 3% to hit 7-day highs at 0.3267 on the news. It is trading at $0.3218 at the time of writing.
Last month, Nasdaq also launched CoinMarketCap’s two benchmark cryptocurrency indices – CMC Crypto 200 Index (CMC200) and CMC Crypto 200 ex BTC Index (CMC200EX), which cover the top 200 cryptocurrencies by market capitalization – on GIDS.
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