Nasdaq has announced that it will be adding Brave New Coin’s XRP indices to its platform and make it available for traders. XRP is the third largest cryptocurrency after Bitcoin and Ethereum, with a market capitalization of over $12 billion.
Shortly after the announcement, Ripple (XRP) surged by as much as 4% within just one hour.
The impact of this news was not limited to Ripple (XRP) alone. Other cryptocurrencies also made significant upward movements in the aftermath of the announcement.
Just a few months ago, Nasdaq added Brave New Coin’s Bitcoin and Ethereum liquidity indexes, BLX and ELX. All of them are included in the Nasdaq Global Index Data Service.
Mass adoption of cryptocurrencies has been looming around the horizon with the expectation of some visible participation from institutional investors. Such developments as displayed by Nasdaq Futures are encouraging signs towards the global acceptance of cryptocurrencies.
Institutional investors who have remained on the sidelines see such developments as better opportunities to make their entry into the cryptocurrency marketplace. The index is expected to provide a more transparent way to track prices and follow the real heartbeat of the market.
“The XRP Liquid Index (XRPLX) to meet the marketplace requirement for a single, reliable and fair USD price for XRP — based on live real-world trading activity. The index is designed to report a market price at which liquidity could enter or exit an XRP position.”
This is another dimension that opens up the cryptocurrency marketplace for traders and investors to participate effectively. The development creates more awareness and supports the activities of existing platforms like CryptoFish, where customers can purchase various kinds of digital assets using their debit or credit cards.
The bulls are seeing these developments as opportunities for a potential upside market growth, hence the increased buying pressure that the market is experiencing at the moment.
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