HKVAC Replaces XRP with SOL on its Large Crypto Top 5 Index

• HKVAC has replaced XRP with SOL on its Global Large Cryptocurrency Top 5 Index. 
• The agency said the changes to the index will take effect on January 19. 
• The development follows months of heightened interest and investor activities in Solana.

The Hong Kong Virtual asset rating agency HKVAC will remove XRP from its Global Large Cryptocurrency Top 5 Index, according to a recent announcement on its website. 

The report details that XRP will be replaced by the Layer-1 blockchain network Solana. The  change follows months of heightened interest and investor activities in Solana. As a result, the token saw a tremendous jump in its value and a rise in transaction count towards the end of last year. 

During that period, Solana flipped XRP as the fifth-largest cryptocurrency network and briefly crossed BNB before the upward trend cooled. At the time of press, Solana has a market cap of $42 billion, and sells at $97 apiece, according to CoinMarketCap data.  

On the other hand, XRP’s market cap of $32 billion is $10 billion less than Solana’s. Presently, XRP is exchanging hands at $0.5907, following a 1.13% drop in the past 24 hours. 

It bears mentioning that the Top 5 Index tracks the performance of the leading cryptocurrency assets. The criteria used include market capitalization, liquidity, and ‘investability’. As noted in the announcement, the XRP exit from the index will take effect on January 19. 

Meanwhile, the agency added Internet Computer Price (ICP), Near Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX) to its global index. The tokens will replace TrueUSD(TUSD), Binance USD (BUSD), Hedera (HBAR), Filecoin (FIL), and Maker (MKR) on the index. 

Avalanche (AVAX) also made it into HKVAC’s Top 10 Indices, while Tron is to be (TRX) is removed. The changes to these indices will also take effect on January 19, per the information provided by the agency.