Godfrey Benjamin
XRP has displaced second largest stablecoin in HKVAC Cryptocurrency Global Large Top 5 Index
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The Hong Kong Virtual Assets Consortium (HKVAC) has recognized XRP’s latest growth maneuvers by adding digital currency to the HKVAC Cryptocurrency Global Large Top5 Index. This inclusion is revered in part because it was achieved after XRP displaced USD Coin (USDC) from the 5th position in terms of market capitalization ranking.
This index rebalancing now places XRP at the same level as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and USDT which also makes up the Index. The assigned value has not yet been disclosed, however, it might be pegged at around 2.92% which was assigned to USDC prior to the rebalancing.
Though the inclusion of XRP is being celebrated, the influence on the index might not be profound seeing BTC and ETH occupy a total of 83.63% of the Index. HKVAC confirmed the rebalancing will take effect in the coming week.
XRP was recently added to the HKVAC index tracking the top 30 cryptocurrencies. The digital currency currently takes a 6.94% share of this particular index, and the selection has stayed relatively positive to date, as it has recorded as much as 9.79% in the year-to-date (YTD) period.
Growing XRP recognition
It appears unsurprising that XRP is being recognized on a global scale as the regulatory clarity surrounding its status in the United States is reverberating beyond borders.
Judge Analisa Torres recently denied the motion for interlocutory appeal on her earlier ruling by the Securities and Exchange Commission (SEC), and XRP now has no challenger as a nonsecurity in the country.
This clarity is what cryptocurrencies like Cardano (ADA), Solana (SOL), Polygon (MATIC) and Decentraland (MANA) crave, seeing as the SEC has also tagged their trading on Coinbase and the Binance exchanges as investment contracts.
The XRP ruling has formed a precedent impacting other major cases at the moment.
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Godfrey Benjamin
Source: https://u.today/xrp-displaces-usdc-in-this-market-index-details