XRP will replace USDC and enter the top 5 of its Cryptocurrency Global Large Top5 Index and its Cryptocurrency Global Large Top5 Equal Weight Index.
XRP has continued to see significant success thanks to Judge Analisa Torres’ ruling, which granted it unique status following her declaration that the token is not a security. One such recorded success is the latest recognition of XRP by the Hong Kong Virtual Asset Consortium (HKVAC) in its latest crypto index ranking.
HKVAC Lists XRP Among Top 5 Cryptocurrencies
In a statement released on October 13, the prominent rating agency stated that XRP will replace USDC and enter the top 5 of its Cryptocurrency Global Large Top5 Index and its Cryptocurrency Global Large Top5 Equal Weight Index. This top 5 index contains other major cryptocurrencies such as Bitcoin, Ethereum, BNB, and USDT.
HKVAC noted that this change is part of its rebalancing results of HKVAC key indices and HKVAC market indices. In addition, it 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 in the global cryptocurrency market capitalization index of the top 30 cryptocurrencies.
HKVAC chooses the tokens that make up these indices based on their “market capitalization, liquidity, investability and other key criteria suitable for general investors.” The list is designed to reflect a “broad spectrum of virtual assets that can be invested in.”
These 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 marketing and issuance of a crypto token within its jurisdiction.
XRP Value Is on The Rise
Meanwhile, the token had shown a glimpse of its potential when it became the fourth-largest crypto token by market capitalization following Judge Torres’ ruling in favor of Ripple against the US Securities and Exchange Commission (SEC).
Despite the bearish trend in the price of XRP, with some analysts predicting the token could fall further, many in the legal in progress. 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 non-security in the US.
Considering that the token is thriving thanks to the great successes recorded by Ripple, it is projected that it could continue to increase as the crypto company records important milestones in its commercial projects.
On October 11, XRP fell below the uptrend line, indicating that bullish pressure is reducing. The drop suggests that the price will continue to fluctuate between $0.41 and $0.56 for some time.
On the positive side, a breakout and close above the moving averages will be the first sign of strength. Buyers will then try to push the price towards the overhead resistance at $0.56. A break and close above this level will signal the start of a new potential bull market.
Ripple was trading earlier this morning at 0.511 euros, so it implied a change of 0.17% compared to the value of the previous day. In reference to the profitability of the last week, Ripple registers a decrease of 3.1%; On the contrary, in the last year it still maintains an improvement of 18.77%.
Regarding the volatility of recent days, it presents a noticeably lower performance than the volatility reflected in the figures for the last year, therefore its price is showing fewer changes than expected in recent times.
By Leonardo Pérez
