A silver coin with XRP-s logo on it, in front of a chart showing a bullish pattern

Nasdaq, the world’s largest stock exchange operator, is adding another cryptocurrency index to its global data service, this time XRP. The company announced in a post published on its website on 29 April.

According to the Monday’s announcement, the company will offer “real-time” index information for XRP through its partnership with Brave New Coin (BNC), a New Zealand based blockchain data and research company. The new index, called XRP Liquid Index (or XRPLX), will offer a reference rate for the price of XRP in USD, with the new stream being available on Nasdaq’s consolidated data feed, the Global Index Data Services (GIDS), as of May 1. Brave New Coin noted in a separate announcement:

The XRPLX captures a comprehensive, global sample of liquidity on the highest volume and quality exchanges. Ideal for settlements and accurate spot pricing, the XRPLX API includes 30 second Intraday pricing, End-of-Day OHLCV and Time & Volume-Weighted-Averages.

According to BNC’s statement, despite the fact that XRPLX is designed to source data only from “the most liquid exchanges by volume and order-book depth“, it will source it from a limited number of exchanges such as Bitfinex, Bitstamp, Poloniex and Kraken for the time being. Data from Coinbase is expected to be added in the next review.

Earlier this year, in partnership with BNC, Nasdaq added indices for Bitcoin and Ethereum, respectively called Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX), to its global data service. According to the CEO of BNC, Fran Strajnar, the methodology used for the “LX” family has been independently audited against key principles of the International Organisation of Securities Commissions (IOSCO). He further said:

BNC endorses the IOSCO principles and fully embraces the IOSCO’s goals of addressing the obvious conflicts of interest in the benchmark-setting process, which the nascent crypto industry is vulnerable to.

This is yet another piece of good news for XRP, following the addition of SBI’s Yoshitaka Kitao to Ripple’s board of directors earlier this month. These strings of events could potentially be an omen for an upcoming rally for XRP, which, according to CoinMarketCap data is currently the third largest cryptocurrency, with a market cap of $12,902,025,657.