Nasdaq announced that it will be launching a real-time Ripple XRP index level information called XRP Liquid Index (XRPLX). The main intention is to provide a real-time spot or reference rate for each XRP coin. XRP is the third largest crypto in the market after Bitcoin (BTC) and Ethereum (ETH).
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Nasdaq Launches XRPLX Index For Ripple Tracking
Starting on May 1st, Nasdaq will be providing users with the price of the XRP cryptocurrency. The information was released by the blockchain research company Brave New Coin (BNC) a few hours ago. The blog post informs that users will be able to track the price of XRP in a more transparent way.
The cryptocurrency market seems to be getting more mature and professional as time passes. BNC says that it wants to meet the demand of the market for a single. Reliable and fair USD price for XRP based on real-world trading activity.
The new index was created by BNC and it will be reporting a market price at which liquidity could enter or exit an XRP position.
On the matter they’ve explained:
“The XRPLX captures a comprehensive, global sample of liquidity on the highest volume and quality exchanges. Ideal for settlements and accurate spot pricing, he XRPLX API includes 30-second Intraday pricing, End-of-Day OHLCV and Time & Volume-Weighted-Averages.”
They also informed that they source data from the most liquid exchanges by volume and order-book depth in order to have a better idea of the real price of the XRP digital asset. BCN has been working in the cryptocurrency market for several years. They have already created other cryptocurrency-related indices in the past.
According to BCN, these indices are accurate and transparent, providing qualitative and quantitative data sources, taking into account stability, quality, volume, book depth, tick size and many other issues that play an important role in defining the price of a specific asset.
Ripple Standing Tall
Currently, XRP is the third largest virtual currency. It has a market capitalization of over $12.4 billion. At the time of writing, XRP has a price per coin of $0.306, as reported by CoinMarketCap.
Ripple is offering financial companies and banks around the world a suite of tools that allow them to process cross-border transactions in a fast and easy way. The intention is to reduce transaction times and fees compared to other traditional cross-border payment systems such as SWIFT.
