The BNC Index Governance Committee has granted approval for the reintroduction of the XRP/USD market on Coinbase as an authorized pricing source for the XRP Liquid Index (XRPLX).
In an interesting development, the Brave New Coin (BNC) Index Governance Committee has approved the re-inclusion of Coinbase’s XRP/USD market as a pricing source for its XRP Liquid Index (XRPLX). The committee made this known in a recent announcement.
BNC Implements New Changes to XRPLX
Based on the approval, the team has made changes to the constituents of the BNC Liquid Index series, and the modification will only apply to XRPLX.
Per the announcement, XRPLX’s new NASDAQ GIDS ticker is now INDEXNASDAQ:XRPLX, while the Reuters Instrument Code is XRPINX=BNC.
Coinbase’s XRP Volume & Order Book Meets BNC Criteria
Recall that leading San Francisco-based crypto exchange Coinbase relisted XRP a few hours after US District Judge Analisa Torres declared the coin as a non-security.
In the ruling, the judge also declared that Ripple’s programmatic sales on exchanges and other distributions do not constitute securities.
Following the ruling, Coinbase and other US-based crypto exchanges relisted XRP for trading. Interestingly, the BNC Index Governance Committee said it thoroughly reviewed liquidity conditions on Coinbase’s XRP/USD market.
Consequently, the committee determined that Coinbase’s XRP traded volume and order book depth meet the criteria for its re-inclusion to the XRPLX.
Furthermore, the committee noted that Coinbase’s XRP/USD market pair was added to XRPLX yesterday at 00:30 UTC. It added that the service completed its 24-hour phase-in period earlier today.
BNC’s XRP Liquid Index
It is worth noting that the XRP Liquid Index (XRPLX) is a measure of XRP’s price on the open market. The index helps investors to determine when to buy and sell.
XRPLX was created by the Crypto Compare team and developed by the Brave New Coin company. It provides a real-time spot and reference rate for XRP. The index can be used for risk management, trading, and the pricing of financial products.
Meanwhile, data from BNC shows that XRP is currently up 1.4% over the past 24 hours. The crypto asset was changing hands at $0.527 at the time of writing this line.