XRP Surges As Nasdaq Introduces Real-Time XRP Index After Becoming Base Currency On eToro
Second largest stock exchange, Nasdaq, has hinted it is adding index for Ripple’s XRP cryptocurrency, the third largest digital asset in the coin market.
As contained in an announcement, Nasdaq revealed that the development is achieved in partnership with Brave New Coin (BNC), a renowned New Zealand blockchain data and research company that partnered with the exchange in February 2018.
Expected to be launched tomorrow May 1, the new “real-time” index information for XRP branded as XRP Liquid Index (XRPLX), courtesy of BNC, is to introduce a spot or reference rate for the value/price of XRP.
The Nasdaq’s data suite of indices dubbed Global Index Data Service has more than 4,000 global indices. Courtesy of Nasdaq, the new XRPLX Liquid Index gives crypto enthusiasts the opportunity to track the price of XRP cryptocurrency in a transparent and real-time manner.
What is XRP Liquid Index (XRPLX)?
The value of a coin is what users and investors monitor often time. However, the newest inclusion to Brave New Coin’s suite of Liquid Indices Program, XRPLX, is built to offer a real-time reference value of XRP coin per unit against USD.
The index calculation of XRPLX is done by using an approach independently audited against key IOSCO principles, and it has been calculated as far back as August 14, 2014.
Before the emergence of XRPLX, the likes of Bitcoin Liquid Index (BLX) and the Etheruem Liquid Index (ELX) had been part of the Liquid Indices Program on Brave New Coin.
XRP Surges after Nasdaq Announcement
Within 5 minutes, the price of XRP on Binance saw sudden price boost of 1.7%, jumping from 0.294 USDT to a surprising 24hr- high value of 0.299 USDT. At the moment, the price of XRP is around 0.2992 USDT with a percentage increase of 0.425 in the past 24 hours.
eToroX Makes XRP Base Currency
XRP is in the news again and this time it has been added to eToroX. Recently launched eToroX is the blockchain division of eToro, a global investment company.
eToro is one of the first regulated financial companies offering crypto. The company launched its crypto exchange, eToroX to provide a secure regulated trading platform of cryptoassets and stablecoins. However, eToroX added 7 new crypto to its crypto pairs and XRP happens to have 3 pairs.
The 7 trading pair which included BCH-BTC, LTC-BCH, BCH-ETH, XRP-ETH, LTC-ETH, BCH-XRP, LTC-XRP has three trading pairs of which three of them are for the XRP alone. The announcement revealed that the XRP will be used as a base currency. The XRP can be paired with Bitcoin Cash, Litcoin and even Ethereum.
As it is, eToro is issuing eToro-based tokens pegged to eight fiat currencies/stable coins of which XRP was listed. They include the eToro US (USDEX), eToro Japanese yen (JPYX), eToro Euro (EURX), pounds Sterling; Australian (AUDX), Canadian (CADX), New Zealand dollars; and the Swiss franc.
Just last month, eToro launched a platform where you can buy and sell crypto as well as a wallet service in the United States.
In Q1 next year, eToro also aims to launch a multi-assets trading. CEO of eToro, Yoni Assia claims that they want to add more tokenized assets and stable coins in the coming months and will add the etoro token to other exchanges to enable the growth of their stablecoin range.
eToro might also be looking to adopt X-rapid, XRP’s payment protocol. The CEO of etoro, Yoni Assia visited Ripple’s headquarters last month to learn more about xRapid from Ripple co-founder Chris Larsen.
eToro is not alone in the quest of adopting xRapid as crypto exchange giant, also has the same interest. It is however exciting to see that the XRP continues to strive for adoption of some sort.
What do you think about eToroX listing Three XRP pairs out of 7 crypto pairs it listed? Kindly share your thoughts with us in the comment section below.