XRP News Today: Nasdaq Adds XRP to Crypto Index, Boosting Institutional Exposure

On June 2, Nasdaq expanded its Crypto US Settlement Price Index to include XRP, alongside Cardano (ADA), Solana (SOL), and Stellar Lumens (XLM). This move marks a significant development for XRP, as it opens the door to greater institutional exposure and potentially reshapes liquidity across key markets.

Hashdex, an asset manager, updated its Nasdaq Crypto Index US ETF filing with the U.S. Securities and Exchange Commission (SEC) on June 6. The filing detailed changes to the benchmark index, which now includes XRP, ADA, SOL, and XLM, in addition to the previously included Bitcoin (BTC) and Ethereum (ETH).

Hashdex’s ETF, which trades under the ticker NCIQ, tracks this index and provides market-cap weighted exposure to BTC and ETH within a regulated framework. However, current SEC restrictions prevent the ETF from holding any digital assets beyond BTC and ETH, which may introduce tracking risk now that XRP and others are included in the benchmark. The filing states, “Under current regulatory restrictions, the Trust is only permitted to hold bitcoin and ether, and is not permitted to hold the new index constituents. As such, the risk of potential tracking error is increased.”

Separately, Nasdaq submitted a proposed rule change in March that would allow the ETF to track the broader Nasdaq Crypto Index (NCI), which already includes XRP, SOL, ADA, XLM, Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI). XRP was officially added to the NCI on June 3, 2024. Should the SEC approve Nasdaq’s rule change, Hashdex’s ETF would be able to hold all NCI constituents, potentially increasing XRP’s institutional footprint. A final SEC decision is expected by November 2.

Despite the inclusion of XRP in the Nasdaq Crypto US Settlement Price Index, the cryptocurrency is facing short-term bearish pressure. XRP is trading near $2.22 after a volatile weekend, with technical signals pointing toward bearish momentum. On the 2-hour chart, XRP faced strong resistance around $2.30 and failed to sustain upward momentum, retreating to the lower Bollinger Band at $2.14. The RSI stands at 51.52, indicating neutral momentum but leaning toward overbought after recent rallies. The MACD remains flat, signaling indecision among traders.

On the 30-minute chart, XRP shows a sharper downward trend. The RSI is at 34.32, approaching oversold territory, while the MACD remains negative, reinforcing near-term bearish pressure. The price has struggled to stay above the $2.25 support, suggesting sellers remain in control. The 1-minute chart confirms short-term weakness, with RSI falling to 32.74 and MACD in negative territory. Buyers are failing to generate sustained volume, with recent bounces quickly sold off.

Unless XRP reclaims $2.30 with strong volume, further downside toward $2.14 remains likely. Traders should monitor broader market sentiment and upcoming SEC decisions that could affect institutional access to XRP-based products. The inclusion of XRP in the Nasdaq index could potentially increase its visibility and attract more institutional investors, but the current market conditions and regulatory uncertainties may continue to influence its price movements in the short term.