- Inclusion Decision: BNC Index Governance Committee approves Coinbase’s XRP/USD market for the XRP Liquid Index (XRPLX) pricing.
- Back in Play: This decision follows shortly after US District Judge Analisa Torres ruled XRP as a non-security, leading to its relisting on Coinbase.
A New Dawn for XRPLX Pricing
In a pivotal move, the BNC (Brave New Coin) Index Governance Committee has officially endorsed the reintroduction of Coinbase’s XRP/USD market as a key pricing source for the renowned XRP Liquid Index, also known as XRPLX. For the uninitiated, XRPLX is a critical measure of XRP’s real-time value on the open market, helping investors gauge when to enter or exit trades.
To provide some context, indices like XRPLX offer invaluable insight by reflecting the current and historical price of an asset, derived from trusted market sources. Their credibility, therefore, hinges on the reliability of these sources.
Revisions and Rationale
Following the nod of approval, there have been modifications to the BNC Liquid Index series, exclusively impacting XRPLX. In keeping with this shift, the XRPLX has updated its NASDAQ GIDS ticker to INDEXNASDAQ:XRPLX. Simultaneously, its Reuters Instrument Code has transitioned to XRPINX=BNC.
This decision wasn’t arbitrary. Coinbase, a premier San Francisco-based crypto exchange, recently resumed XRP trading, a move that came in the wake of US District Judge Analisa Torres distinguishing XRP as a non-security. This ruling further clarified that Ripple’s sales activities on exchanges were not tantamount to securities transactions.
With Coinbase reinstating XRP, the BNC Index Governance Committee delved deep into the liquidity dynamics of Coinbase’s XRP/USD market. Their comprehensive analysis concluded that both the trading volume and order book depth of Coinbase’s XRP checked all boxes for re-inclusion in XRPLX. This not only speaks to the robustness of Coinbase’s market but also underscores the meticulous evaluation processes of governing bodies like BNC.
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Moreover, for those tracking the timeline, the Coinbase XRP/USD market pairing graced the XRPLX on the preceding day at 00:30 UTC, successfully wrapping up its 24-hour integration phase just a day after.
An Insight into XRPLX
Crafted by the analytical minds at Crypto Compare and brought to life by Brave New Coin, XRPLX stands as a beacon for real-time spot and reference rates for XRP. Beyond merely being a gauge, the index serves a multifaceted role in risk management, trading, and dictating the pricing of diverse financial instruments.
In light of the current scenario, the latest data from BNC indicates a promising 1.4% uptick in XRP over the previous day, with the cryptocurrency trading at a promising $0.527.
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