Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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Key Takeaways:
- XRP has been added to the Nasdaq Crypto US Settlement Price Index.
- Current SEC restrictions prevent Hashdex’s ETF from holding XRP, though a rule change decision is pending.
- XRP price faces short-term bearish pressure, with key resistance at $2.30 and downside risk toward $2.14.
XRP has joined the Nasdaq Crypto US Settlement Price Index, a move that could further open the door to institutional exposure and reshape liquidity across key markets.
On June 6, asset manager Hashdex updated its Nasdaq Crypto Index US ETF filing with the U.S. Securities and Exchange Commission (SEC), outlining changes to its benchmark.
According to the filing, Nasdaq expanded the index on June 2 to include XRP, alongside Cardano (ADA), Solana (SOL), and Stellar Lumens (XLM).
Previously, the index was limited to Bitcoin (BTC) and Ethereum (ETH).
Hashdex’s NCIQ ETF Tracks This Index
Hashdex’s ETF, which trades under the ticker NCIQ, tracks this index, providing 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, a limitation that may introduce tracking risk now that XRP and others are included in the benchmark.
“Under current regulatory restrictions, the Trust is only permitted to hold bitcoin and ether, and is not permitted to hold the new index constituents,” the filing states.
“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 — a potential game-changer for XRP’s institutional footprint.
A final SEC decision is expected by November 2.
Bears Pressure XRP Despite Nasdaq Index Inclusion
XRP is trading near $2.22 after a volatile weekend, with technical signals pointing toward bearish momentum in the short term.
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.
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. 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.
Despite XRP’s inclusion in the Nasdaq Crypto US Settlement Price Index, institutional flows have yet to lift price action meaningfully. 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.
