XRP surges by 4 percent in an hour after Nasdaq announces XRP Liquid Index with Brave New Coin

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Nasdaq launched XRP Liquid Index [XRPLX], the latest addition to Brave New Coin’s list of Liquid Indices Program, according to an official post on the stock exchange’s website. XRP will join Bitcoin [BTC] and Ethereum [ETH], both of which saw their price indices going live in February.

The XRP Liquid Index will be offered on spot or reference rate for the price of the underlying cryptocurrency in USD. The exchange stated that this will be “based on the most liquid ends of their markets.”

According to New Zealand-based Brave New Coin, the index was curated to meet the “marketplace’s requirement for a single, reliable and fair USD price for XRP.” The XRPLX will conform to the global sample of crypto liquidity, based on “highest volume and quality exchanges,” added BNC.

The statement added,

“Current constituent exchanges for the XRPLX include Bitfinex, Bitstamp, Poloniex and Kraken with Coinbase to be added in the next review.”

The XRPLX has been calculated using a methodology that is “independently audited,” as per the principles set by the International Organisation of Securities Commissions [IOSCO], and will be made available on Nasdaq’s Global Index Data ServiceSM [GIDS].

Source: Trading View

At press time, XRP saw its price ascend by 4.4 percent over the hour, evading Bitcoin bears that have been raging since the Bitfinex-Tether episode last week. Over a 24-hour period, the second largest altcoin in the market hiked by 2.58 percent, contrary to the performance of the rest of the cryptocurrency market.

At 0900 UTC on April 30, the coin was trading at $0.307. The market cap of the coin rose by $600 million in the past hour alone.

ZBG took the top spot in terms of XRP trade volume, accounting for 8.44 percent of the global volume in the trading pair XRP/USDT. Other prominent exchanges on the list were BW.com, ZB.com, RightBTC, and Fatbtc. However, if one were to go by Bitwise’s “real” volume-based exchanges, then the top exchange was Binance, holding 1.36 percent of XRP volume in the trading pair XRP/USDT.

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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.

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