In a groundbreaking move, XRP has achieved a significant milestone by being included in the exclusive virtual asset index of the Hong Kong Virtual Asset Consortium (HKVAC).
This development has further solidified XRP’s status as a top-tier digital asset, making it one of the world’s leading cryptocurrencies.
The announcement came as part of HKVAC’s rebalancing results for its market indices and is set to take effect by October 20.
XRP Replaces USDC in Top 5 Indices
HKVAC unveiled the rebalancing results of its key and market indices, with changes set to take effect by October 20.
This announcement catapulted XRP into the league of esteemed digital currencies, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with each of them holding a 15% share in the ‘HKVAC Cryptocurrency Global Large Top 5 Index’ and the ‘HKVAC Cryptocurrency Global Large Top 5 Equal Weight Index’.
The distinguishing development of this decision lies in the meticulous selection procedure undertaken by the HKVAC—virtual assets must meet specific criteria, including maintaining a median market capitalization of at least $10 million over the preceding three months and sustaining a median daily traded value of no less than $100,000 during the same period.
XRP’s Rise Amid Legal Victory
XRP’s remarkable ascent to the top ranks of cryptocurrency indices can be traced back to its recent legal victory in the US Securities and Exchange Commission (SEC) versus Ripple Labs lawsuit. In a landmark decision, the case concluded on July 13, affirming that XRP is not a security.
This verdict marked a turning point for XRP, which had faced regulatory uncertainty for some time. It further solidified its position in the cryptocurrency market, enhanced its attractiveness to investors, and cleared the path for its broader acceptance and adoption.
Read: Ripple Scores A Victory In Court As Ruling Says XRP Is Not A Security
Market Reshuffling and New Additions
In addition to XRP’s inclusion, the reshuffling of the HKVAC indices involved other changes.
Mantle (MNT), Maker (MKR), and Quant (QNT) have been added to the HKVAC Cryptocurrency Global Large Market Cap Index, replacing Cryptonex (CNX), Internet Computer (ICP), and HEX (HEX). The total number of constituents within the index remains unchanged at 30.
Hong Kong’s Growing Influence in the Digital Asset Market
The recent announcements underscores the growing influence of Hong Kong in the global digital asset market.
The launch of the HKVAC index aligns with a broader push for the global digital asset industry, attracting attention and excitement from prominent figures within the cryptocurrency space.
Binance CEO Changpeng “CZ” Zhao even expressed his enthusiasm for these recent developments, stating, “HK [is] moving forward.”
Read: Is Hong Kong Becoming The Crypto Industry’s Financial Center?
Final Thoughts
As XRP stakes its claim in Hong Kong’s crypto index, it not only solidifies its position as a top-tier cryptocurrency but also marks a significant step in its journey toward broader acceptance and adoption on the global stage. With regulatory uncertainties behind it, XRP is poised for a brighter future, drawing the attention and confidence of both investors and the broader crypto community.