XRP has continued to record significant success on the back of Judge Analisa Torres’ ruling, which gave it a unique status following her declaration that the token isn’t a security. One such success recorded is the latest recognition of XRP by the Hong Kong Virtual Asset Consortium (HKVAC) in its latest crypto indices ranking.
HKVAC Includes XRP In Top 5 Crypto In a statement released on October 13, the prominent rating agency stated that XRP will replace USDC and enter into the top 5 of its Cryptocurrency Global Large Top5 Index and Cryptocurrency Global Large Top5 Equal Weight Index. This top 5 index contains other foremost cryptocurrencies like Bitcoin, Ethereum, BNB, and USDT.
HKVAC noted that this change is part of its rebalancing results of the HKVAC Key Indexes and HKVAC Market Indexes. It further stated that these changes will come into effect on October 20. Other changes include excluding Cryptonex and Internet Computer and including Hedera and Maker tokens into the top 30 Cryptocurrency Global Large Market Cap Index.
HKVAC chooses the tokens that comprise these indexes based on their “market capitalization, liquidity, investability, and other key criteria suitable for general investors.” The list is designed to reflect an “extensive spectrum of investable virtual assets.”
Such indices are also important in Hong Kong as it is one of the measures that the Hong Kong Securities and Futures Commission (SFC) considers when approving the trading and issuance of a crypto token within its jurisdiction.
Token price begins to recover | Source: XRPUSD on Tradingview.com XRP’s Value On The Rise Meanwhile, XRP continues to surge in trading volume, which has seen it rise (surpassing USDC) to become the fifth-largest crypto (and third-largest altcoin behind ETH and BNB). The token had shown a glimpse of its potential when it became the fourth-largest crypto token by market cap on the back of Judge Torres’ ruling in favor of Ripple against the US Securities and Exchange Commission (SEC).
Despite the bearish trend in XRP’s price, with some analysts predicting that the token could further decline, many in the XRP community believe that the token has become more valuable, especially because Ripple is actively building despite its ongoing legal battle.
Ripple’s CLO also seems to agree that the token has become more valuable as he stated that the token is now “uniquely classified” as a non-security in the US.
Considering that the token thrives on the back of major successes recorded by Ripple, it is projected that it could continue to rise as the crypto firm records major milestones in its business ventures.
Featured image from Coin Edition, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.